(October 6 – 15:30 ET) –
National Bank of Canada has
filed a shelf-offering prospectus
for $1 billion worth of
subordinated debt. The firm
already has $1.125 billion in sub
debt outstanding. The proceeds of
any issue will go into general
bank capital.
Last month, National’s board of
directors accepted the resignation
of Léon Courville, current
president Personal and Commercial
Bank and chief operating officer –
effective October 31. Chairman and
chief executive, André Bérard, has
extended his tenure to March 2002.
The bank is in the midst of
digesting its takeover of First
Marathon Inc., a deal that
ultimately cost it $352.7 million
and 16.25 million shares, about
9% dilution. It also spent
$80.5 million for the shares of
brokerage subsidiary,
Lévesque Beaubien Geoffrion Inc.,
that it didn’t already own. The
deal was paid for with an
unspecfied mix of cash and
preferred shares in the bank’s
investment dealer subsidiary.
-IE Staff
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