National Bank of Canada to acquire RESP provider Embark for about C$226M

National Bank of Canada has agreed to acquire Embark Student Corp., a Toronto-based provider of Registered Education Savings Plans, for an estimated C$226 million, subject to working capital adjustments.

Embark manages RESPs for about 436,000 beneficiaries and more than C$6 billion in assets. The seller is Embark Student Foundation, a not-for-profit that is its sole shareholder. At closing the foundation transfers its RESP business to Embark, and a National Bank subsidiary buys the shares through a plan of arrangement that needs Ontario Superior Court approval.

The bank expects closing by mid-fiscal 2027 and a reduction of about 10 basis points in its CET1 ratio. It says RESP customers need take no action. Nancy Paquet, Executive Vice-President, Wealth Management, said the deal fits the bank's savings and investment advisory strategy; Embark CEO and President Andrew Lo said the aim is to make education savings accessible to every Canadian parent.