EDMONTON, AB, Dec. 7, 2024 – CWB Financial Group (CWB) is updating its previous announcement regarding the postponement of its fourth quarter and fiscal 2024 financial results release to mid-December 2024.

This rescheduling is unrelated to CWB’s potential acquisition by National Bank of Canada. We anticipate the transaction will proceed as planned and close within the previously stated timeframe.

The delay stems from a recently received legal claim against CWB Maxium Financial Ltd. (Maxium), a wholly owned CWB subsidiary. This claim, received late in our financial results approval and disclosure process, necessitates thorough investigation. The self-represented claimant is seeking $18 Million in damages, plus general and punitive damages, and costs, related to loans provided to affiliated corporations and their subsequent resolution through court-approved receivership.

The claim includes allegations, including claims of unethical behavior by a specific individual. CWB maintains strict ethical and professional standards and is conducting a comprehensive investigation. Initial findings confirm this individual is a Maxium sales agent lacking lending approval authority. Our investigation also shows the loans were properly authorized through our credit approval process, including comprehensive review and approval by our independent credit risk management team. Our investigation is ongoing, and we will take appropriate action based on its findings.

Based on current information, we don’t anticipate this claim will significantly impact our consolidated financial statements.

SOURCE Canadian Western Bank

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