With acquisition, Canada’s National Bank expands west and analysts applaud growth potential

TORONTO, June 12 (Reuters) – Canadian lender National Bank’s (NA.TO), opens new tab expansion from east to west, rather than following Canada’s big banks south of the border, could help secure growth, analysts and investors said.

The Quebec-based bank’s C$5 billion ($3.65 billion) deal to buy Alberta’s Canadian Western Bank (CWB.TO), opens new tab, announced on Tuesday, surprised Canada’s highly concentrated sector where consolidation has included No.1 lender Royal Bank of Canada’s C$13.5 billion purchase of HSBC’s domestic operations.