The deal brings 436,000 RESP beneficiaries under National Bank’s wealth management umbrella
National Bank of Canada has agreed to acquire Embark Student Corp. for approximately $226 million, gaining a digitally driven national education savings platform and more than $6 billion in assets under management.
The deal brings National Bank roughly 436,000 Registered Education Savings Plan (RESP) beneficiaries managed through Embark’s tech-enabled platform, with closing expected by mid-fiscal 2027, subject to court and regulatory approvals.
The transaction extends National Bank’s retail banking reach into Ontario and Western Canada — markets where the Montreal-headquartered lender has pursued a series of strategic acquisitions, including its 2024 agreement to acquire Canadian Western Bank.
For Canadian mortgage brokers, the deal signals a wider industry shift: the country’s major banks are competing not just on rates but on the depth of integrated family financial planning they can offer — from housing debt to education savings to retirement.
“We are happy to see Embark joining National Bank,” said Nancy Paquet, Executive Vice-President, Wealth Management at National Bank of Canada.
“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.”
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A platform built for record RESP adoption
The acquisition arrives as Canadian families turn to RESPs in growing numbers.
Statistics Canada’s 2025 Survey of Approaches to Educational Planning, released February 20, found that 89% of children with dedicated education savings held an RESP that year, up from 85% in 2020.
At the same time, financial anxiety now grips roughly 60% of Canadians, making education savings an increasingly contested priority in household budgets that brokers are helping clients navigate day to day.
“Joining forces with National Bank accelerates our mission to make education savings accessible to every Canadian parent,” said Andrew Lo, CEO and President of Embark Student Corp.
“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.”
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Transaction structure and what clients can expect
The deal will be implemented by way of a plan of arrangement under the Canada Business Corporations Act and requires approval from the Ontario Superior Court of Justice.
National Bank’s Common Equity Tier 1 (CET1) ratio is expected to decline by approximately 10 basis points on closing.
The acquisition price of approximately $226 million is subject to working capital adjustments.
Embark customers will see no immediate changes. Daily operations, government grant applications, and RESP investment management all continue as normal.
Founded in 1859 and headquartered in Montreal, Québec, National Bank of Canada is one of Canada’s six systemically important banks. It reported a 23% rise in third-quarter 2026 net income and held approximately $635 billion in assets as at July 31.
The company employs roughly 37,000 people across its five business segments: Personal Banking, Commercial Banking, Wealth Management, Capital Markets, and ABA Bank.
Embark Student Corp., meanwhile, is Canada’s digital education savings and planning company, headquartered in Toronto. It manages RESPs for approximately 436,000 beneficiaries nationwide and holds more than $6 billion in assets under management.
Registered as a Scholarship Plan Dealer across Canada, Embark provides end-to-end investment management, government grant administration, and digital savings tools to Canadian families.
It operates as a wholly owned subsidiary of Embark Student Foundation, a not-for-profit Canadian corporation that serves as the current promoter of the Embark plans.
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