Partnership between National Bank and Investissement Québec. A new solution for exporters
Montreal, 14 July 2004 -
National Bank and Investissement Québec today announced the signing of a partnership to help exporters. Under the agreement, both entities will offer a comprehensive solution to help Quebec companies be more competitive abroad.
National Bank will offer businesses term loans to finance up to 100% of the cost of equipment, machinery, technology or any other project-related expenses. Exporters making such investments must do so with the intention of improving their productivity and, consequently, their competitiveness abroad. Investissement Québec will assume part of the risk by guaranteeing the Bank's loan.
In addition, the proposed comprehensive solution includes a foreign exchange line that businesses can use to protect themselves against exchange rate fluctuations. This should help them control their profit margins and avoid unforeseen situations. As partner, Investissement Québec will assume a portion of the risk of loss for the Bank.
“As the financial institution of Quebec SMEs, we are proud to offer this product to exporters. Because they are vulnerable to fluctuations in the value of the Canadian dollar and fierce competition, businesses can count on National Bank's support in the form of a solution that helps them improve their productivity, their profit margin as well as their competitiveness,” explained Tony Meti, Senior Vice-President – Commercial Banking and International. “National Bank is proud to be the first financial institution to offer such a comprehensive solution to exporters,” he added.
“The success of a business on foreign markets is tied to its ability to compete, which hinges on its productivity,” said Jean Houde, President and Chief Executive Officer of Investissement Quebec. “That's why Investissement Québec is pleased to combine its involvement in a strategy to hedge against negative exchange rate fluctuations with a project geared to improve business productivity,” he explained.
Exporters interested in this solution can learn more about the terms and conditions from their account manager.
About National Bank
National Bank of Canada is an integrated group which provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its customers elsewhere in the world. National Bank offers a full array of banking services, including corporate and investment banking. 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. National Bank has close to $84 billion in assets and, together with its subsidiaries, employs nearly 17,000 people. The Bank's securities are listed on the Toronto Stock Exchange (NA: TSX). For more information, visit the Bank's website at www.nbc.ca.
About Investissement Québec
Investissement Québec's mission is to contribute to Quebec's economic growth by supporting the development of businesses in every region of Quebec. The Corporation brings together a critical mass of financial expertise within the government and offers businesses a broad range of products that complement what is available from financial institutions. It also carries out government mandates, particularly with respect to prospecting for foreign investment.
Information (the telephone number and e-mail address below are to be used only by journalists and other media representatives):
Director – Public Relations
National Bank of Canada
Tel.: (514) 394-8644