Canadian Western Bank says shareholders have overwhelmingly voted in favour of a sale of the company to National Bank of Canada.
Edmonton-based CWB says the vote at the special meeting Tuesday was 99.78 per cent in favour of the all-share deal.
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The two banks announced the proposal in June that would see Montreal-based National Bank take over mid-sized CWB at a roughly $5 billion valuation.
The deal represented a more than 100 per cent premium to where CWB was trading before the deal was announced.
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The takeover would see National Bank expand further westward as it takes on CWB’s Alberta and B.C.-focused operations.
The proposal still requires regulatory approval, but if secured the deal is expected to close next year.
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