National Bank of Canada will buy Edmonton's Canadian Western Bank

National Bank of Canada, Canada's 6th largest bank, has cleared a major regulatory hurdle to buy Edmonton-based Canadian Western Bank.

The Montreal-based bank said in a statement on Thursday that it had received approval for the deal from the Competition Bureau, clearing the way for its acquisition of Western Bank. However, the transaction is pending approval from the banking regulator and the finance minister.

National Bank is buying Western Bank for about $5 billion. The CEO of National Bank of Canada said that they are aiming to complete the takeover in early 2025. Founded in 1984, Canadian Western Bank has 39 branches across Canada and approximately 65,000 clients.

Most of its branches are in Alberta and British Columbia. Recently, the bank has also expanded in Ontario. Canadian Western Bank has a branch in Winnipeg in Manitoba.