Laurentian Bank of Canada Announces Strategic Review
One of Canada’s oldest banks, the Laurentian Bank of Canada, has announced a strategic review and might be headed for a sale.
In a news release sent out late on July 11, the bank said, “Laurentian Bank announced today that its board of directors and management team are conducting a review of strategic options to maximize shareholder and stakeholder value.”
Both the Globe and Mail and La Presse reported that the bank has hired JPMorgan Chase and Co. to approach potential buyers.
It’s the latest twist in a process that has seen the bank embark on a process of renewal lasting several years.
In 2020, Laurentian hired Rania Llewellyn as its new president and CEO. She became the first woman to head a major Canadian bank, and the bank announced she was “the right leader to usher in a new era at Laurentian Bank.”
Under Ms. Llewellyn’s leadership, the bank announced a new strategic plan in late 2020.
“Since the launch of the plan, the Bank has been exceeding all of its financial targets, even against a backdrop of an increasingly challenging macroeconomic environment and market volatility. It has also been delivering on key milestones as set out in its plan, including closing its customers’ top five pain points with the launch of its mobile app and digital account opening solution, rolling out a re-imagined Visa experience, and growing Commercial Banking with a focus on its areas of specialization,” it said.
The news release said while the strategic review is underway, the management team will remain focused on “the Bank’s strategy and fiscal 2023 priorities of delivering excellent customer service, a focus on deposits and optimizing its funding structure, and driving efficiencies through simplification, with the full support and confidence of the Board.”
It adds the bank does not intend to disclose further developments until the review is concluded.
The Laurentian Bank of Canada has about 3,000 employees and assets of approximately $27.7 billion under administration. The bank’s branches are mostly concentrated in Quebec, although it finances project across the country.
