National Bank Discount Brokerage announces changes to its price structure
Montreal, 3 May 2000 -
National Bank Discount Brokerage Inc., a wholly-owned subsidiary of National Bank of Canada, has announced a change in its price structure regarding transactions on the mutual funds it offers.
Since April 1, 2000, clients have not had to pay any front-end fees on most families of funds for purchases of $1,000 or more when the value of the client's account is over $15,000. Transactions which do not meet these criteria are now subject to a fee of 2% of the total transaction amount, minimum $40. However, there is no price structure for the National Bank of Canada family of funds, and National Bank Discount Brokerage Inc. still charges no fees on the 41 National Bank Mutual Funds.
Furthermore, National Bank Discount Brokerage has made a downward revision in the minimum account balance entitling clients to a 2.5% bonus on mutual fund transactions involving back-end fees. Previously, only clients with accounts valued at $50,000 or more received a bonus. Since April 1, clients with an account balance of $15,000 and over will receive a 2.5% bonus on the purchase amount of mutual fund units involving back-end fees, provided that the transaction amount is $1,000 or over.
Yves Breton, President of National Bank Discount Brokerage Inc., added: "These changes are designed to give National Bank clients even easier access to the complete line of mutual funds offered by the major Canadian managers, as a complement to the National Bank Mutual Funds family. And because it is not always easy to choose from among all the mutual funds available, National Bank Discount Brokerage offers its clients a free mutual fund advisory service. This service makes our new price structure even more attractive."
National Bank of Canada is an integrated group whose mission is to provide comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including all the investment banking services required by large corporations. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. The National Bank has assets of over $70 billion and, together with its subsidiaries, it employs over 17,000 people. The Bank's head office is in Montreal and its shares are listed on the Toronto and Vancouver stock exchanges.
Yves G. Breton
National Bank Discount Brokerage Inc.
Media Relations and Financial Communications Officer