National Bank of Canada purchases Canadian Tire Bank's mortgage portfolio

On November 6, 2009, National Bank of Canada purchased Canadian Tire Bank's mortgage portfolio with the transition of customer accounts to be completed by early 2010. The mortgage portfolio was purchased at essentially the book value of the portfolio.

National Bank was advised in this transaction by Fasken Martineau with a team that included Marc Beauchemin, Robert Elliott and Marvin Mikhail (financial institutions), Paul King (real estate) and Huy Do and Mark Magro (competition).