Banque Nationale (National Bank of Canada) head office is shown in Montreal, in this file photo.Graham Hughes/The Canadian Press
National Bank of Canada's long-time head of energy investment banking is retiring, with the industry shifting into recovery mode.
Tom MacInnis is stepping down at the end of the month after leading the Quebec-based bank's Calgary office for eight years, according to an internal memo.
He was praised for "developing the bank's profile and franchise across all financial markets products in Calgary."
Arun Chandrasekaran is being promoted to the position. Mr. Chandrasekaran joined National Bank last summer to lead efforts to expand the institution's client base to larger oil and gas producers amid an evolution in the market.
The repositioning comes with oil and gas prices strengthening after a two-year downturn, and expectations of an uptick in financing as well as merger and acquisition activity in the sector.
Jeffrey Jones