The National Bank of Canada says it has received the Competition Bureau’s clearance to take over Canadian Western Bank, but the proposed deal still requires the approval of the Office of the Superintendent of Financial Institutions and the finance minister.

“We are pleased that the Competition Bureau has concluded its review of this transaction,” Laurent Ferreira, chief executive of National Bank, said in a statement.

CWB chief executive Chris Fowler said in a statement that the approval was a “major step forward.”

The $5-billion, all-stock deal will expand the Quebec-focused National Bank’s reach to Alberta and British Columbia and was announced a few months after Royal Bank of Canada completed its acquisition of HSBC Bank Canada.

National Bank beat analyst expectations in its third quarter, reporting profit gains in all its business segments.

The bank’s adjusted net income was $960 million for the three-month period that ended July 31, which was 23 per cent higher than the $781 million it reported a year earlier. On a per-share basis, the bank earned $2.68, up from $2.18 in the same period last year.

? Email: [email protected]

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here.