Canadian Western Bank closes $300 million issue of "Series D" subordinated
debentures

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S./

EDMONTON, Nov. 30 /CNW/ - Canadian Western Bank (TSX: CWB) ("CWB" or the "Bank") today closed its previously announced issue of $300 million "Series D" subordinated debentures (the "Debentures") via a private placement to accredited investors. RBC Capital Markets and National Bank Financial acted as co-lead agents on the transaction.

The Debentures bear interest at a fixed rate of 4.389% per annum, payable in equal semi-annual payments in arrears on November 30 and May 30 of each year, commencing May 30, 2011 until November 30, 2015. Thereafter, the interest rate will float to maturity at 3-month CDOR plus 1.93%, payable quarterly. The Debentures are redeemable by the Bank at any time on or after November 30, 2015, with the prior written consent of the Superintendent of Financial Institutions Canada.

The Debentures will add to CWB's already strong regulatory capital position. The main purpose of the issue is to support current and future asset growth. Proceeds of the issue will be added to the Bank's general funds.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Canadian Western Bank Group

Canadian Western Bank offers a full range of business and personal banking services across the four western provinces and is the largest publicly traded Canadian bank headquartered in Western Canada. The Bank, along with its operating subsidiaries, National Leasing Group Inc., Canadian Western Trust Company, Valiant Trust Company, Canadian Direct Insurance Incorporated, Adroit Investment Management Ltd. and Canadian Western Financial Ltd., collectively offer a diversified range of financial services across Canada and are together known as Canadian Western Bank Group. The common shares of Canadian Western Bank are listed on the Toronto Stock Exchange under the trading symbol "CWB". Refer to www.cwbankgroup.com for additional information.

For further information: Tracey Ball, FCA, ICD.D, Executive Vice President & CFO, Canadian Western Bank, Phone: [phone] OR Kirby Hill, CFA, Director, Investor & Public Relations, Canadian Western Bank, Phone: [phone], E-mail: [email protected]