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CWB announces limited recourse capital notes offering
Canadian Western Bank (“CWB”) (TSX: CWB) today announced its intent to issue $175 million aggregate principal amount of 6.00% Limited Recourse Capital Notes Series 1 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the “Notes”). The Notes are to be sold through a syndicate of agents co-led by RBC Capital Markets and National Bank Financial Markets. The expected closing date is on or about October 30, 2020.
CWB update on expected timing of AIRB approval
Edmonton, October 22, 2020 – CWB Financial Group (TSX: CWB) (CWB) today provided an update on our transition to the Advanced Internal Ratings Based (AIRB) approach for regulatory capital and risk management. Our formal application review with the Office of the Superintendent of Financial Institutions Canada (OSFI) continues. It will now include a parallel run of our AIRB models and tools to evaluate their operation through this period of economic volatility. The timeline for approval will be extended, compared to our original expectation of the end of the current fiscal year. We expect to complete our parallel run in 2021 followed by finalization of OSFI’s review. The extended timeline does not change our near-term financial outlook as OSFI’s current industry restrictions limit the deployment of capital through increased dividends or share buybacks.
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