National Bank officials don’t expect the bank merger issue won’t be on the table until September. National Bank has made no secret of its intention to get involved with a merger or other close partnership arrangement when new banking legislation takes effect, and it reiterated that stance, today, during a In a conference call with analysts.

The call featured Jean Turmel, president Financial Markets, Treasury and Investment Bank, Réal Raymond, president Personal and Commercial Bank, Michel Labonté, SVP Finance and Control, and Jean Dagenais, VP and chief accountant.

The executives indicated that the bank is interested in seeking greater scale and market share in certain businesses that it likes, but can not afford to build too aggressively.

While the new legislation is expected to pass without much trouble, they indicated that the banks have been warned to hold off on any deals until the legislation is finalized. They said they are targeting September for the rules to finally pass, and for its associated regulations to take effect.

Earlier today, the bank reported its quarterly results, including growth in its investment subsidiary, National Bank Financial. Turmel indicated that it has enjoyed strength in corporate and investment banking, and he indicated that it plans to continue emphasizing those businesses. He cited M&A advisory fees earned from NBF’s participation as an advisor to a bid for Mackenzie Financial Corp. as an example of the sort of business that is supporting its growth.