On June 11, 2024, CDPQ announced a $500 million investment in National Bank of Canada (TSX: NA) to facilitate the acquisition of Canadian Western Bank (TSX: CWB), a financial institution based in Alberta serving Western Canada. This $5 billion transaction made CDPQ the second-largest shareholder of National Bank. The deal combined two growing Canadian banks with complementary footprints and a shared-service model, allowing the combined entity to offer more comprehensive services across Canada.

Vincent Delisle, CDPQ's Executive Vice-President and Head of Liquid Markets, stated that the investment aligns with CDPQ's strategy to expand Quebec companies' reach and consolidate their leadership positions. Laurent Ferreira, President and CEO of National Bank, emphasized that the transaction is focused on growth, bringing together two banks with complementary personal and commercial banking services. This acquisition, backed by CDPQ's investment, advances National Bank's pan-Canadian strategy to expand its activities nationwide.