National Bank Financial comments on OSC's decision
regarding YBM case
Montreal, 2 July 2003 -
In response to the Ontario Securities Commission's (OSC) regulatory hearing decision in the YBM Magnex International matter, National Bank Financial (NBF), a wholly-owned subsidiary of National Bank of Canada, accepts the decision of the OSC's Hearing Panel and is pleased to put the YBM matter behind it.
The case pertaining to YBM is historical in nature. It occurred six years ago at First Marathon. In 1999, First Marathon was acquired by National Bank and merged with Lévesque Beaubien Geoffrion to form National Bank Financial, under a new management team.
At NBF, compliance has been and continues to be a priority. A number of policies, procedures and resources have been in place for some time to address issues that arose in this matter. Additionally, all compliance operations are under the oversight supervision of a Board-level compliance committee that is composed exclusively of independent directors.
NBF's commitment has always been to act in the best interests of its clients, employees and other stakeholders. NBF is a responsible registrant and takes pride in having first-rate corporate governance, risk management and compliance practices, policies and ethics.
About National Bank of Canada
National Bank of Canada is an integrated group which provides 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 retail, corporate and investment banking. 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, employs over 17,000 people. The Bank's securities are listed on the Toronto Stock Exchange (NA:TSX). For more information, visit the Bank's website at www.nbc.ca.
Information (the following telephone number and e-mail address are intended solely for the use of journalists and other media representatives):
Director of Public Relations
National Bank of Canada
Tel.: (514) 394-8644