07:50 AM EDT, 09/26/2024 (MT Newswires) -- National Bank of Canada ( NTIOF ) said Thursday that it received clearance from the Competition Bureau for its planned acquisition of Canadian Western Bank ( CWESF ) .

The deal also requires approval by the Office of the Superintendent of Financial Institutions and the Minister of Finance.

"We are pleased that the Competition Bureau has concluded its review of this transaction, and to have its approval to bring together these two great banks which have a complementary footprint in personal and commercial banking," said Laurent Ferreira, president and CEO of National Bank.

The deal, announced in June, values CWB at $5 billion.