Laurentian Bank of Canada has started a strategic review that may lead to a sale. Find out more
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The review is intended to “maximize shareholder and stakeholder value,” the bank said Tuesday. It has hired JPMorgan Chase & Co. to approach potential buyers, La Presse and the Globe and Mail separately reported Tuesday. The process started after a rival bank made a bid for Laurentian, the Globe said, citing people it didn’t name.Laurentian hired former Bank of Nova Scotia executive Rania Llewellyn as CEO in October 2020, becoming the first publicly traded Canadian bank to be led by a woman.
“While the review is underway, the management team remains committed to executing on the bank’s strategy and fiscal 2023 priorities of delivering excellent customer service, a focus on deposits and optimizing its funding structure,” the Montreal-based lender said in a statement.Article content, a takeover of Laurentian would offer a rare shot at expansion by acquisition in the French-speaking province of Quebec.
Many of Canada’s Big Six banks are sitting on significant stockpiles of capital after an anticipated wave of pandemic-related defaults did not materialize, and some are using it for deals.
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