National Bank to provide banking services and products for MD Management's clients
Montreal, 22 August 2003 -
National Bank of Canada and MD Management Limited, a subsidiary of the Canadian Medical Association (CMA), announced today an agreement whereby National Bank will provide banking services and products for MD Management's clients.
As part of the five-year agreement, MD Management will refer clients to the National Bank for banking products such as student loans, mortgages, bank accounts, RRSP loans, and credit cards.
Robert Hewett, CEO CMA Holdings, said that the addition of banking services will enhance the financial planning experience already enjoyed by CMA members and their families. "National Bank will offer tailored banking solutions, extending the range of financial planning services available to MD Management clients which currently includes insurance, estate and trust, risk management, investments and discretionary management. MD Financial Consultants will now have the ability to refer clients for banking products to coincide with advice on a client's credit and cash flow needs. This is especially important for medical students and residents faced with growing debt loads as a result of escalating tuition fees. We view the National Bank partnership as a "win-win" for both organizations: MD extends our range of services through National Bank Specialists and CMA members have access to physician-focused banking solutions."
"This agreement confirms the National Bank's leadership role in this niche market, and allows us to capitalize on the expertise we've developed working with physicians and medical students in the past," explained Benoît Loranger, Vice-President – Alternative Networks at the National Bank. "It also gives us the opportunity to serve the thousands of physicians and medical students who are MD Management clients and forge a relationship with a highly-regarded partner. The agreement also ties in with our strategy of developing markets outside Quebec, since a large number of MD Management's clients live outside the province," he added.
About MD Management
Created in 1969, MD Management Limited is the wholly-owned subsidiary of the Canadian Medical Association. It is the only financial services organization dedicated to understanding and meeting the financial needs of Canadian physicians and their families. Its mission is to assist CMA members to achieve financial well-being by providing professional financial advice and quality products and services. For more information, visit MD Management's website at www.cma.ca/mdm
About the 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 telephone number and e-mail address provided below are for the exclusive use of journalists and other media representatives):
Manager, Public Relations Department
National Bank of Canada
Tel.: (514) 394-8644
Senior Vice President, Distribution & Client Services
Tel. : (613) 731-4552, ext. 12