National Bank acquires RESP provider Embark in $226m deal
What the deal means for clients
For existing Embark customers, there will be no immediate disruption. Embark’s daily operations will continue as usual, with government grant applications, RESP fund investment, and digital account management all maintained without interruption.
Nancy Paquet, Executive Vice-President, Wealth Management at National Bank of Canada, said the deal is “strongly aligned with our savings and investment advisory strategy,” combining Embark’s digital capabilities with the bank’s existing strengths to deliver a “best-in-class education savings experience.”
Andrew Lo, CEO and President of Embark Student Corp., said the partnership reflects a shared commitment to making RESP access broader. “Joining forces with National Bank accelerates our mission to make education savings accessible to every Canadian parent,” Lo said in a statement.
Structure and timeline
The transaction will be implemented via a plan of arrangement under the Canada Business Corporations Act, subject to approval by the Ontario Superior Court of Justice. Closing of the acquisition is expected by mid-fiscal 2027, subject to court and regulatory approvals.
Embark Student Foundation – a not-for-profit organisation and Embark’s sole shareholder – will transfer its RESP undertaking to Embark at closing, retaining its promoter role for a transitional period until that responsibility moves to Embark in mid-2027, pending required governmental approvals.
