Canada’s Laurentian Bank Selling $2B in Assets
Stay ahead of the curve with the latest news on Laurentian Bank of Canada's $2 billion sale of wealth-management assets in the Canadian market.
Laurentian Bank of Canada has announced a significant move to streamline its operations by selling $2 billion of assets under administration to a subsidiary of iA Financial Group. This decision comes after a challenging year for the Montreal-based bank, with the net proceeds from the transaction expected to close in the summer. The sale will see Laurentian Bank of Canada's retail investment-broker division transferring approximately 16,000 client accounts to iA Private Wealth Inc., along with inviting about 30 financial advisers to join the iA Private Wealth division.
iA Financial, based in Quebec City, is a prominent player in Canada's insurance and wealth-management sectors. The acquisition aligns with Laurentian Bank of Canada's strategic focus on simplification and concentrating on areas where it can excel and be more competitive. This move comes after the bank's strategic review last year, which did not result in a buyer. The bank also faced challenges with a system failure that impacted customer deposits, bill payments, and other services, leading to the departure of former CEO Rania Llewellyn.
The transaction with iA Financial Group marks a significant step for Laurentian Bank of Canada as it looks to refocus its business and strengthen its position in the market. By divesting these assets, the bank aims to streamline its operations and enhance its competitiveness in the financial services industry. This strategic decision underscores the bank's commitment to delivering value to its customers and shareholders while navigating a rapidly evolving market landscape.
The sale of assets to iA Financial Group represents a strategic move for Laurentian Bank of Canada as it seeks to simplify its business and focus on areas of strength and growth. This transaction underscores the bank's commitment to enhancing its competitiveness and delivering value to its stakeholders in the face of ongoing challenges and opportunities in the financial services sector.
Canada’s Laurentian Bank Selling $2B in Assets
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