The ratings on National Bank of Canada reflect the bank's commanding market share in Quebec and its overall performance as compared with both Canadian and global peers. Revenue boosts in 2000 mostly came from the brokerage unit, National Bank Financial (the combination of Levesque Beaufion Geoffron, the former brokerage operation of the bank, and First Marathon, the Ontario-based brokerage house bought in 1999), in the form of capital market fees, and somewhat from fees in personal banking and wealth management. The strengths of the institution are rooted in its commercial lending capabilities, which are complemented by good market share in consumer lending and retail products and services. The U.S. presence in asset-based lending is viewed as riskier than the more
