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National Bank of Canada

NA: XTSE (CAN)

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Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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National Bank of Canada: Sixth Largest Canadian Bank With Strong Shares in Quebec; Shares Overvalued

Jan 30, 2025

Business Strategy and Outlook

National Bank of Canada is the sixth-largest Canadian bank, and this group of six banks collectively holds over 90% of the nation's banking deposits. The bank is the most Canadian-focused of the Big Six, with roughly 73% of its revenue derived from Canada in 2024. National Bank of Canada also has the most concentrated branch network in Canada among the Big Six, primarily located in Quebec, although this is set to change somewhat after it closes its acquisition of Canadian Western Bank in February 2025.

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