In a joint press conference held yesterday, National Bank of Canada and ABA Bank announced an agreement through which the North American banking institution increases its equity in ABA Bank from 42 percent to 90 percent.
“This agreement with National Bank of Canada is one of the most significant milestones in ABA Bank’s history. It is symbolic that National Bank of Canada has become a major shareholder in the year we celebrate our 20th anniversary,” said Askhat Azhikhanov, CEO of ABA Bank. “The acquisition by National Bank of Canada demonstrates our strong position in the market, and our partner’s confidence in the strategy and growth of ABA Bank. The latest capital injection gives us unprecedented market opportunities and the ability to deliver more to our valued customers.”
In July 2014, National Bank of Canada acquired 10% of ABA Bank’s shares. National Bank of Canada subsequently increased its equity in ABA Bank to 30% in September 2014 and to 42% in January 2015.
“National Bank is proud to become the majority shareholder of ABA Bank, a well-established financial institution in its market and recognised for its sound business practices,” said Louis Vachon, President and CEO of National Bank of Canada. “ABA Bank is positioned to take advantage of the country’s long-term growth prospects and to contribute to increased utilisation of financial services by individuals and commercial businesses in the region.”