National Bank of Canada invests US $18 million in Chilean Company
Montreal and Santiago, 19 May 2000 -
National Bank of Canada is pleased to announce that it has negotiated an agreement to take a 10% interest in Corp Group Life Chile Ltd, a company that is part of the Chilean financial network of Corp Group. The National Bank will invest US $18 million for its 10% stake.
Once the transaction is completed, the associated companies will become one of the major players in Chile's life insurance and annuity business with an 8% share of the market, a capitalization of US $94 million and total assets of US $900 million.
"This agreement is further evidence of the excellent business relationship that has existed for the last 15 years between the Bank, Corp Group and its Chairman, Mr. Alvaro Saieh," said André Bérard, Chairman of the Board and Chief Executive Officer of National Bank of Canada. "It represents another step towards achieving our goal of developing our business not just outside Quebec but outside Canada as well."
|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
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