CWB to redeem $105 million of Trust Capital Securities
EDMONTON, November 14, 2016 – Canadian Western Bank (“CWB”) today announced its intention to redeem through CWB Capital Trust all $105 million of outstanding 6.199% Trust Capital Securities - Series 1 (the “WesTS”) at par plus accrued interest. The redemption will occur on December 31, 2016, and will be financed out of CWB’s general corporate funds.
The WesTS were issued on August 31, 2006, and do not qualify as non-viability contingent capital (“NVCC”) under the Basel III regulatory capital requirements. Subsequent to the redemption, CWB’s Total capital ratio will remain well above the regulatory minimum of 10.5% and above management’s operating targets.
For further information, please contact:
Matt Evans, CFA
Senior AVP, Strategy & Investor Relations
Canadian Western Bank
Phone: (780) 969-8337