Canadian Tire Bank Sells Mortgage Portfolio to National Bank of Canada

Canadian Tire Corporation, Limited announced on October 14, 2009, that Canadian Tire Bank (CTB) had reached an agreement with National Bank of Canada (NBC) to sell its mortgage portfolio for a purchase price of more than $162 million. The asset sale to NBC was completed on November 6, 2009.

The transaction team at CTB included Dean McCann, William Zeyl and Pamela Dodaro. McCarthy Tétrault LLP represented Canadian Tire and CTB with a team that included Andrew Armstrong, Lara Nathans and Leila Rafi (business law); Nancy Carroll (regulatory) and Oliver Borgers (competition).

Fasken Martineau DuMoulin LLP represented NBC with a team including Marc Beauchemin, Robert Elliott and Marvin Mikhail (financial institutions); Paul King (real estate) and Huy Do and Mark Magro (competition). NBC was also represented by its inside counsel, Annie Milette.