Analysts expect Laurentian to make a final decision on an acquirer before the bank reports its financial results on Aug. 30
Scotiabank was considered a potential buyer because its executives have identified Quebec and British Columbia as growth opportunities, particularly in commercial banking, a specialty of Laurentian’s. But Scotiabank is in the midst of its own overhaul. Its chief executive officer, Scott Thomson, who formally took on the role in February, is conducting a strategic “refresh” aimed at acquiring more customer deposits and retooling the bank’s operations in Latin America.
JP Morgan Chase & Co. in late spring of 2022 to advise the bank on potential growth opportunities, after it posted strong second-quarter results. Its share price was trading between $40 and $45, a relatively small discount to its book value. In the months that followed, the valuations of regional lenders such as Laurentian were impacted by the failure of California’s Silicon Valley Bank and other midtier U.S. lenders. At this point, two of the sources said, the Laurentian board asked JP Morgan to consider all options for increasing shareholder value, including the sale of the bank.
But among the pool of potential bidders for Laurentian, few seem set to buy. In contrast to the Canadian arm of HSBC Holdings plc, which attracted interest from all the major banks when it went up for sale this past fall, Laurentian has relatively few wealthy retail clients and major corporate relationships – the kinds of customers other banks covet.
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