The Bank’s strategic review is expected to see big changes
Laurentian Bank of Canada has launched a strategic review that observers are expecting to lead to a sale.
The review of the bank’s strategic options aims to “maximize shareholder and stakeholder value” amid market volatility, according to the bank’s board of directors and management team.
While the bank said that it has been exceeding its financial targets and delivering on its planned milestones, it will be focusing on optimizing its customer service, deposits, funding structure for this fiscal year – and at the same time “driving efficiencies through simplification, with the full support and confidence of the board.”
“Over the past two and a half years, the bank’s renewed senior leadership team and board have been focused on building up Laurentian Bank for sustained growth and profitability, and executing on its three-year strategic plan that it launched at its December 2021 Investor Day,” the institution said.
Laurentian Bank assured that it continues to hold a strong capital and liquidity position, maintaining a robust, stable, and diversified funding and deposit base.
The bank said that it will not be disclosing further developments until the review is concluded.
As of press time, Laurentian Bank holds $50.7 billion in balance sheet assets and $27.7 billion in assets under administration.
