National Bank of Canada Announces Acquisition of PGM Global Holdings Inc.

National Bank of Canada Announces Acquisition of PGM Global Holdings Inc.

MONTREAL, April 23, 2025 /CNW/ - National Bank of Canada (the "Bank") (TSX: NA) today announced it has reached an agreement to acquire all shares of PGM Global Holdings Inc., the parent company of PGM Global Inc., a Montreal-based provider of institutional trading services catering mostly to North American clients.

PGM Global will bring capabilities that complement and enhance National Bank Independent Network's ("NBIN") existing service offering. With over a decade of proven expertise, PGM Global will strengthen NBIN's ability to support clients through complex market transactions.

Additionally, PGM Global's dual registration with both the Canadian Investment Regulatory Organization (CIRO) and the Financial Industry Regulatory Authority (FINRA) will enhance our ability to cater to expanding client needs.

"We are excited to welcome PGM Global and its dynamic team of professionals to our NBIN family. Our two organizations share similar values, built on an unwavering commitment to our clients. This acquisition represents another significant step in our mission to provide best-in-class trading technology, infrastructure, and expertise to our clients," said Mike Tocheri, Senior Vice-President and Managing Director at NBIN.

"This marks an important milestone for PGM Global. Becoming part of NBIN will provide our clients with enhanced scalability and access to a broader infrastructure. We are confident this transition will create significant advantages for the clients we serve," said Patrick Belland, President and Chief Executive Officer of PGM Global.

NBIN and PGM Global are committed to ensuring a seamless transition for clients while continuing to provide best-in-class service.

The transaction is anticipated to close in late spring 2025, subject to closing conditions and regulatory approvals. The value of this transaction will not have a material impact on the Bank's financial position. PGM Global retained the advisory services of Sheumack GMA for this transaction.

About National Bank Independent Network (NBIN)

With more than 30 years of continuous service and a team of nearly 250 professionals, National Bank Independent Network (NBIN) is Canada's leading provider of custody, trade execution, and brokerage solutions to independent wealth management firms. NBIN is a division of National Bank Financial Inc. (NBF), which is an indirect, wholly owned subsidiary of National Bank of Canada. NBIN operates within the Wealth Management business segment of National Bank, leveraging the strength and stability of one of Canada's largest financial institutions.

About National Bank of Canada 

With $484 billion in assets as of January 31, 2025, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media.

About PGM Global

PGM Global is a privately owned investment boutique, serving institutional clients. It specializes in international equity execution services, transition management and macro research. It executes transactions 24 hours a day, providing its clients advice on complex portfolio re-structuring and deep insight on various macro investment topics.

SOURCE National Bank of Canada