National Bank of Canada to expand its offering to Canadian families with the acquisition of Embark Student Corp.

This acquisition marks an important step for National Bank and Embark, strengthening digital capabilities and expanding access to education savings solutions for families across Canada.

Montreal, November 6, 2026 – National Bank of Canada (“the Bank”) today announced that it has entered into a definitive agreement to acquire Embark Student Corp. (“Embark”), a Canadian digital education savings and planning company, which manages Registered Education Savings Plans (“RESP”) for approximately 436,000 beneficiaries across the country.

This announcement reflects a commitment to supporting family financial planning, helping Canadians better save for their child’s future through trusted, high-quality RESP services, intuitive digital tools and expert advice.

Headquartered in Toronto, Embark is one of Canada’s largest direct-to-consumer RESP providers, with a national brand and a scaled, tech-enabled platform for end-to-end education savings administration and investment management. Embark has over $6 billion in assets under management. This transaction expands the Bank’s reach in Ontario and Western Canada, enhances its retail banking franchise and further advances its digital-led strategy.

“We are happy to see Embark joining National Bank. This transaction is strongly aligned with our savings and investment advisory strategy for our clients, combining Embark’s digital capabilities with National Bank’s strengths to deliver a best-in-class education savings experience and expand our presence across Canada. We look forward to welcoming Embark’s employees and clients in the next months.” – Nancy Paquet, Executive Vice-President, Wealth Management, National Bank of Canada

“Joining forces with National Bank accelerates our mission to make education savings accessible to every Canadian parent. This partnership reflects a shared commitment to that goal, and it’s why this is the right fit at the right time. We are excited to continue delivering best-in-class RESP services and advice, now alongside National Bank.” – Andrew Lo, CEO and President, Embark Student Corp.

Embark customers can continue to count on the same experience they’ve come to know and trust. Embark’s daily operations will continue as usual and in the normal course. Stakeholders are not expected to see any immediate changes. Embark will continue to apply for government grants on behalf of customers, invest RESP funds and provide Canadian families with a simple and seamless digital education savings experience. Customers can continue to track and manage their plans any time, online at www.embark.ca.

Transaction Details

Embark Student Foundation (the “Foundation”), a not-for-profit organization and the sole shareholder of Embark, will transfer to Embark its RESP undertaking and related obligations at closing, except for its role as promoter of the Embark plans, which will be transferred following closing (the “Reorganization”). At closing, a wholly owned subsidiary of the Bank will acquire the shares of Embark from the Foundation (the “Acquisition” and together with the Reorganization, the “Transaction”). Closing of the Acquisition is expected by mid-fiscal 2027, subject to court and regulatory approvals and other customary conditions.

Following closing, the Foundation will remain the promoter of the Embark plans for a transitional period, and Embark will continue to administer the plans as it does today. The transfer of the promoter role from the Foundation to Embark is expected to occur in mid-2027, once the required governmental approvals are obtained. At that time, Embark will take on all of the Foundation’s obligations under the Embark plans and customers’ plan agreements, and the Foundation will be released from those obligations, subject to the terms of the plan of arrangement. The independent review committee of the Embark plans has reviewed the Transaction and resolved that it achieves a fair and reasonable result for the plans.

The Transaction will not result in any other material change to the terms of the plans and will not affect customers’ investments or the way Embark applies for government grants on their behalf. Customers do not need to take any action and can expect their RESP services to continue without interruption. Any material change to the Embark plans following closing will be made in accordance with applicable securities legislation.

The Transaction will be implemented by way of a plan of arrangement under the Canada Business Corporations Act, subject to approval by the Ontario Superior Court of Justice at a final hearing. Court materials and hearing details will be posted at www.embark.ca/embark-transaction-faq when available.

The price of the Acquisition is estimated at $226 million with potential adjustments for working capital. The Acquisition is expected to reduce the Bank’s Common Equity Tier 1 ratio by approximately 10 basis points upon closing.

Transaction Advisors

Raymond James Ltd. acted as financial advisor, McCarthy Tétrault LLP acted as legal counsel and PricewaterhouseCoopers LLP acted as financial diligence advisors to Embark in connection with the transaction. Fasken Martineau DuMoulin LLP acted as legal counsel for the Bank.

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, including, among others, the Bank’s ability to successfully integrate Embark and the possibility that the acquisition of Embark may not happen, or not at the expected time. Except as required by law, the 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 Embark

Embark Student Corp. is Canada’s digital education savings and planning company. With over $6 billion in assets under management, the company is committed to empowering families along their post-secondary journeys by giving them the resources and tools they need to better plan and save for all that comes with an education. As a wholly owned subsidiary of Embark Student Foundation, a not-for-profit Canadian corporation, the company, registered as a Scholarship Plan Dealer across Canada, manages RESPs for approximately 436,000 beneficiaries nationwide.

About National Bank of Canada

With $635 billion in assets as at July 31, 2026, National Bank of Canada is one of Canada’s six systemically important banks. NBC has approximately 37,000 employees in knowledge-intensive positions and operates four business segments in Canada: Personal Banking, Commercial Banking, Wealth Management and Capital Markets. A fifth segment, ABA Bank, complements the growth of its domestic operations. Its securities are listed on the Toronto Stock Exchange (TSX: NA). Follow NBC’s activities at nbc.ca or via social media.