The head office of the National Bank is seen Friday, April 21, 2017 in Montreal. THE CANADIAN PRESS/Ryan Remiorz
April 21, 2017 - 7:00 AM
MONTREAL - National Bank (TSX:NA) has signed a deal to take a minority stake in robo-adviser Nest Wealth for $6 million.
The Montreal-based bank will also use Nest Wealth's investment technology to improve its own internal digital platforms.
The transaction is subject to regulatory approval.
Nest Wealth provides both investment management for individual investors and business services through its Nest Wealth Pro product.
Canada's big banks have been ramping up their investments in technology in the face of competition from low-cost robo-advisers and other technology providers.
Last year, CIBC partnered with fintech Borrowell, which offers personal loans though an online application process, while Scotiabank teamed up with U.S.-based Kabbage to provide small business loans.
News from © The Canadian Press, 2017