National Bank of Canada Partners with Groupe Promutuel
Montreal, 24 January 2001 -
The National Bank of Canada and Groupe Promutuel, already partners in agricultural finance, today signed another partnership agreement covering the development and distribution of financial products and services.
This agreement calls for the partners to combine their expertise. The development of financial products and services will be handled by the National Bank, while Groupe Promutuel will take care of distribution through its extensive network and strong presence in the insurance and financial services market throughout Québec. Both parties hope expect this move to strengthen their position in these markets.
Jean Houde, Senior Vice-President of Personal Banking for the National Bank stated that "the National Bank's expertise in designing and developing financial products and services is well-known. However, in order for consumers to benefit from them no matter where they live, distribution channels are required. Our agreement with Groupe Promutuel gives us access to a large pool of customers for a modest investment. We are pleased to team up with Groupe Promutuel, which can now offer a wider selection of financial products and services to its members."
Carl Cleary, Vice-President - Finance and Corporate Affairs, added that "the partnership will not only enable Groupe Promutuel to offer its various clienteles a comprehensive package, but also to give them easy access to highly competitive financial services."
The months ahead will bring the introduction of a full range of new products and services, including:
- current accounts and a variety of electronic services (debit cards, bank machines, Internet transactions, and a call center);
- personal credit facilities;
- indexed guaranteed investment certificates (GIC);
- new mutual funds.
This partnership with the National Bank is highly attractive for Groupe Promutuel members, and is a natural fit because the two financial institutions have a number of points in common. For example, more than 79% of National Bank outlets are located near mutuals that are members of Groupe Promutuel, and the two organizations have traditionally grown in converging markets (personal banking, farm finance, commercial banking). With the introduction of transactional facilities and its new partnership with the National Bank, Groupe Promutuel is continuously enhancing the comprehensive package of insurance products and financial services that it offers.
About Groupe Promutuel
A major player in the economy, and exclusively Québec-owned, Groupe Promutuel is among the province's top five casualty and property insurers, already offering an extensive line of financial products and services. This line is now being expanded to include transactional facilities. Groupe Promutuel, whose Federation is based in Sillery, has 1,200 employees and consists of 35 mutuals located throughout Québec, with 360 points of service and more than 400,000 members. Groupe Promotuel's financial solidity is impeccable, with $560 million in assets and a sales volume expected to top $300 million in the coming months.
About the National Bank
National Bank of Canada is an integrated group whose mission is to provide comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world. The National Bank offers a full array of banking services, including all the investment banking services required by large corporations. It is an active player on international capital markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management as well as mutual fund and retirement plan management. The National Bank has assets of over $75 billion and, together with its subsidiaries, it employs over 16,600 people. The Bank's shares are listed on the Toronto Stock Exchange.
Carl Cleary, M. Sc., CGA
Finance and Corporate Affairs
Tel: (418) 683-1212
*The telephone numbers and e-mail addresses are for the exclusive use of journalists and other media representatives.
Jean Robillard, Ph.D.
Media Relations and
Financial Communications Manager
Public Relations Department
Tel: (514) 394-6990