Laurentian Bank of Canada, which has been working on a turnaround under a new chief executive officer since late 2020, has started a strategic review that may lead to a sale.
The review is intended to “maximize shareholder and stakeholder value,” the bank said in a statement. It has hired JPMorgan Chase & Co. to approach potential buyers, the Globe and Mail reported Tuesday. The process started after a rival bank made a bid for the lender, the newspaper reported, citing people it didn’t name.
“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. 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. The firm is Canada’s eighth-largest bank by total assets, according to data compiled by Bloomberg, and has a market capitalization of about $1.5 billion .
Llewellyn has worked to improve the bank’s operations, for example by speeding up mortgage originations, and to fill gaps in its product line by introducing a mobile-banking app and tap payments on its debit cards.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Laurentian Bank puts itself up for sale, hires advisers to approach other Canadian lendersLaurentian’s board of directors recently hired financial and legal advisers to quietly shop the Montreal-based bank to potential buyers, sources say
Read more »
Bank of Canada expected to raise rates again this week, vying to quash inflation fasterThe Bank of Canada is expected to raise interest rates again as forecasters say the economy has not softened enough for it to back off.
Read more »
Bank of Canada to raise interest rates this week, all 6 big banks sayAll 6 of the big banks now expect the Bank of Canada to raise interest rates after the labour market tripled expectations in June. Read on.
Read more »
Bank of Canada to raise interest rates this week, all 6 big banks sayAll 6 of the big banks now expect the Bank of Canada to raise interest rates after the labour market tripled expectations in June. Read on.
Read more »
Bank of Canada to raise interest rates this week, all 6 big banks sayAll 6 of the big banks now expect the Bank of Canada to raise interest rates after the labour market tripled expectations in June. Read on.
Read more »
Bank of Canada expected to raise rates again this week, vying to quash inflation fasterThe Bank of Canada is expected to raise interest rates again as forecasters say the economy has not softened enough for it to back off.
Read more »