EDMONTON – CWB Financial Group says a legal claim against one of its subsidiaries is the reason behind the delay of the release of its fourth-quarter and full-year financial results.
Canadian Western Bank says the decision to reschedule the release to mid-December is unrelated to National Bank of Canada’s plan to acquire the company.
CWB says the delay was triggered by a legal claim against CWB Maxium Financial Ltd. late in its process to approve and disclose its annual financial results.
It says the claimant is seeking $18 million in damages, as well as general and punitive damages, and costs, related to the provision of certain loans to corporations affiliated with the claimant and the resolution of the loans.
CWB says it does not expect the outcome of the claim to have a material effect on its consolidated financial statements.
National Bank is in the process of acquiring CWB in a roughly $5-billion takeover. The deal still requires approval from Canada’s banking regulator and the finance minister.
This report by The Canadian Press was first published Dec. 9, 2024.
Companies in this story: (TSX:CWB, TSX:NA)
