11:56 AM EDT, 09/26/2024 (MT Newswires) -- National Bank of Canada ( NTIOF ) said Thursday 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, National Bank's chief executive.

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

National Bank's shares were last seen up $0.52 to $127.82 on the Toronto Stock Exchange.

Price: 127.80, Change: +0.50, Percent Change: +0.39