National Bank invests in Nest Wealth, will use firm’s investment technology
The head office of the National Bank is seen Friday, April 21, 2017 in Montreal. THE CANADIAN PRESS/Ryan Remiorz.
MONTREAL — National Bank (TSX:NA) has signed a deal to take a minority stake in robo-adviser Nest Wealth for $6 million.
The Montreal-based bank will also use Nest Wealth’s investment technology to improve its own internal digital platforms.
The transaction is subject to regulatory approval.
Nest Wealth provides both investment management for individual investors and business services through its Nest Wealth Pro product.
Canada’s big banks have been ramping up their investments in technology in the face of competition from low-cost robo-advisers and other technology providers.
Last year, CIBC partnered with fintech Borrowell, which offers personal loans though an online application process, while Scotiabank teamed up with U.S.-based Kabbage to provide small business loans.
The Canadian Press
Would you like to support a project based right here in Quebec?
This book is being co-authored by two people who are passionate about Quebec and everything it has to offer. One of the authors moved to the region some years ago while the other was born and raised in Quebec.
The Québec Book is a unique guide for anyone interested in learning about Quebec culture and the language spoken here. You could be someone visiting Québec, planning to move to Québec, or already living here. Or maybe you’re a native English speaker, a native French speaker, or a speaker of any other language for that matter.
Write a Comment
Only registered users can comment.