Major Shakeup at National Bank as CWB Executives Exit After $3.47 Billion Takeover

Three top executives from the Canadian Western Bank are departing National Bank following its recent C$5 billion acquisition. CEO Chris Fowler, CRO Carolina Parra, and Stephen Murphy will leave, while CFO Matt Rudd and Jeff Wright take on new roles. The deal expands National Bank's presence in Western Canada.


Devdiscourse News Desk | Updated: 04-02-2025 19:40 IST | Created: 04-02-2025 19:40 IST
Major Shakeup at National Bank as CWB Executives Exit After $3.47 Billion Takeover
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In a significant development, three senior executives of the Canadian Western Bank (CWB) will be departing its new parent company, National Bank, after a substantial C$5 billion ($3.47 billion) acquisition. The internal memo detailing these changes was leaked to Reuters.

The executives set to exit include CWB CEO Chris Fowler, Chief Risk Officer Carolina Parra, and the commercial, personal, and wealth business head Stephen Murphy. Fowler, who has announced his retirement, will continue to serve as an executive advisor to the National Bank CEO until April 30. Meanwhile, Parra and Murphy's last days are on February 28 and April 30, respectively.

Despite these leadership changes, key members such as CWB's CFO Matt Rudd and Jeff Wright, who heads client solutions and specialty business, will integrate into National Bank's structure. This acquisition permits National Bank, Quebec's largest bank, to broaden its reach in Western Canada, a strategic move following its ministerial approval in December.

(With inputs from agencies.)

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