National Bank of Canada (the “Bank”) (TSX: NA) 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.
