National Bank of Canada acquires Embark to expand retail banking

By Divya Shah

Why this matters: The acquisition supports National Bank of Canada’s digital-led strategy and could create opportunities to expand digital financial services.

National Bank of Canada to acquire Embark, a Canadian provider of Registered Education Savings Plans (RESPs), in a move aimed at expanding its presence in Ontario and Western Canada and strengthening its retail banking business.

Under the proposed deal, a wholly owned subsidiary of National Bank of Canada will acquire all shares in Embark from its sole shareholder, Embark Student Foundation.

The transaction was expected to close by mid-2027. Following completion, the foundation will transfer its RESP business and related obligations to Embark, according to National Bank of Canada. The foundation’s role as promoter of Embark’s plans will be transferred separately, subject to the necessary government approvals.

National Bank of Canada said the acquisition will support its digital-led strategy, expand its reach in key Canadian markets and strengthen its retail banking operations.

The move followed the bank’s acquisition of Canadian Western Bank in 2025 for CAD $5.3 billion (approximately US$3.7 billion). That deal expanded its personal and commercial banking presence in Western Canada.

The bank also confirmed that Embark’s day-to-day operations will continue as usual after the transaction. Customers will not need to take any action, and their RESP services are expected to continue without interruption.