National Bank of Canada's acquisition of Vancouver-based Truvera Trust Corp. signals how trust and estate services are becoming a core component of financial planning rather than just a niche service for some clients, a senior executive at the lender said.
Strategic significance of the acquisition
Marie-Soleil Lemieux, chief executive of National Bank Trust, the NBC subsidiary buying Truvera, said clients' needs are becoming increasingly complex, particularly around intergenerational wealth transfer, estate planning, trust services and philanthropy.
National Bank did not disclose how much it is paying for Truvera, but said the transaction will not have a material impact on the bank's financial position. Lemieux described the deal as modest but strategically significant for National Bank Trust.
Expanding western presence
The Truvera acquisition will strengthen the bank's presence in Western Canada after it bought Edmonton-based Canadian Western Bank in 2025, which expanded the Quebec-focused bank's reach to Alberta and British Columbia.
Lemieux said the transaction provides talented professionals, local market expertise and a physical footprint in a province where National Bank Trust was not previously present. She added both financial organizations have similar values, which will help the bank grow and build something new.
Wealth management growth
In May, National Bank reported $274 million in net income from its wealth management segment in the second quarter, up 18 per cent from $232 million a year earlier. The segment's revenues were $905 million, a 14 per cent year-over-year increase from $791 million.
Canadians are in the midst of a $1-trillion wealth transfer between generations, but many aren't prepared for it. Around half of Canadians have a will, but only 10 per cent of gen-Zers do while 29 per cent of millennials do, according to a report by online estate-planning platform Willful in 2025.
Deepening adviser-client relationships
Lemieux said trust and estate planning is a powerful way to deepen adviser-client relationships since it means they work with the current generation as well as their children and grandchildren, which creates continuity and strengthens trust.
