Statement by National Bank on ABA Bank

MONTREAL, March 12, 2024 /CNW/ - Following the publication of media articles this morning, and while it is not customary for National Bank ("the Bank") to comment on market rumors, the Bank is currently not engaged in any process or negotiations for the sale of ABA Bank ("ABA"), nor has it hired any advisors.

ABA is a success story, delivering strong growth and superior returns for National Bank. For the year ended October 31, 2023, ABA generated revenues of $726M CAD and $343M CAD in net income. Over the past five years, the franchise grew loans and deposits by over 4 times with a continued focus on serving local small and medium businesses in industries that are central to the economy of Cambodia. We continue to be pleased with its performance and strong track record, its talented management team, strong execution and prudent risk management. National Bank continues to support ABA's growth and participation in the establishment of a sound and resilient banking industry for Cambodia, underpinned by attractive economic prospects and strong fundamentals.

National Bank does not anticipate issuing any further public statement regarding any rumours or speculation in the marketplace unless required by applicable laws.

Caution Regarding Forward-Looking Statements

Certain statements in this press release are forward-looking statements. These statements are based on a number of assumptions and are subject to risk factors, inherent risks and uncertainties, many of which are beyond the Bank's control and the impacts of which are difficult to predict. Except as required by law, National Bank does not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time, by it or on its behalf. The forward-looking information contained in this press release is presented for the purpose of interpreting the information contained herein and may not be appropriate for other purposes.

About National Bank of Canada

With $434 billion in assets as at January 31, 2024, National Bank of Canada is one of Canada's six systemically important banks. The Bank has approximately 30,000 employees in knowledge-intensive positions and operates through three business segments in Canada: Personal and Commercial Banking, Wealth Management and Financial Markets. A fourth segment, U.S. Specialty Finance and International, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow the Bank's activities at nbc.ca or via social media.

SOURCE National Bank of Canada

Marianne Ratté, Vice-President and Head, Investors Relations, National Bank of Canada, Tel.: [phone]; Debby Cordeiro, Senior Vice-President, Communications, Public Affairs and ESG, National Bank of Canada, Tel.: [phone]