National Bank to Acquire Embark Student Corp.

The $226 million deal would bring Embark's RESP business, serving about 436,000 beneficiaries, under National Bank ownership.

Updated on Nov. 8, 2026 in Financial Aid

Overcast daytime view of a plain modern office tower with stone base and glass upper floors, beside a bare maple tree. — National Bank of Canada has agreed to acquire Embark Student Corp., a provider of Registered Education Savings Plans, for an estimated $226 million. AI Illustration. Upload story photo >

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National Bank of Canada has agreed to acquire Embark Student Corp., a provider of Registered Education Savings Plans, for an estimated $226 million. A wholly owned National Bank subsidiary is to buy Embark's shares from Embark Student Foundation, and the Foundation is to transfer its RESP undertaking to Embark at closing.

Why it matters

The bank expects the transaction to broaden its reach in Ontario and Western Canada and enhance its retail banking franchise. For Canadian families saving for postsecondary education, the deal changes which institution administers their RESP.

The announcement cites an estimated price of $226 million, subject to working-capital adjustments, for a firm managing more than $6 billion in assets and about 436,000 RESP beneficiaries. National Bank expects the deal to reduce its Common Equity Tier 1 ratio by about 10 basis points at closing, and no currency was specified for the price.

The players

National Bank of Canada

A major Canadian chartered bank headquartered in Montreal that offers retail, commercial and wealth management services across the country.

Embark Student Corp.

A Canadian provider of Registered Education Savings Plans that administers RESPs for about 436,000 beneficiaries.

Embark Student Foundation

The nonprofit organization that is Embark's sole shareholder and currently holds its RESP undertaking.

The details

A wholly owned National Bank subsidiary is to acquire Embark's shares from Embark Student Foundation, which is the provider's sole shareholder. The transaction is structured as a plan of arrangement under the Canada Business Corporations Act, and at closing the nonprofit Foundation is to transfer its RESP undertaking and related obligations to Embark.

November 6, 2026: National Bank agreed to acquire Embark Student Corp.
Mid-2027: The Foundation's role as plan promoter is expected to transfer to Embark.
Mid-fiscal 2027: National Bank expects the transaction to close, pending approvals.

Roadmap

Canada's Registered Education Savings Plan framework allows eligible plans to receive federal education grants, making RESP providers a meaningful part of postsecondary savings. This deal moves administration of a large grant-eligible book of plans from a nonprofit owner into a bank-owned provider.

Families with an existing RESP may see their plan administered by a different institution once the deal closes, with the transfer of obligations occurring at closing. Those saving for postsecondary education should review their plan documents as the transaction moves toward its expected completion in 2027.

The takeaway

Because RESPs can receive federal grants, the ownership and administration of these plans affects how families save for education over many years. Reviewing your plan's provider and terms as the transaction proceeds can help you stay informed about any changes.

What happens next

National Bank expects the transaction to close in mid-fiscal 2027, after which the Foundation's role as plan promoter is expected to transfer to Embark in mid-2027, subject to approvals.