MONTREAL, April 4,
2024 /CNW/ - Laurentian Bank (TSX: LB) (the "Bank")
announced today that it has entered into an agreement to sell
assets under administration of Laurentian Bank Securities' retail
full-service investment broker division to iA Private Wealth Inc.
(iAPW), a wholly owned subsidiary of Industrial Alliance Insurance
and Financial Services Inc. ("iA Financial Group"). iA Financial
Group is one of the largest insurance and wealth management groups
in Canada, headquartered in
Quebec, and with operations in
the United States.
This transaction includes the transfer of approximately
$2 billion in assets under
administration from Laurentian Bank Securities to iAPW. The
transaction is anticipated to close this summer, subject to
required regulatory approvals.
Net proceeds from the transaction are not expected to be
material to the Bank.
The transaction supports Laurentian Bank's strategic focus on
simplification, and concentrating on areas of business where it can
win and be more competitive.
About Laurentian Bank
At Laurentian Bank, we believe we can change banking for the
better. By seeing beyond numbers.
Founded in Montréal in 1846, Laurentian Bank helps families,
businesses and communities thrive. Today, we have approximately
3,000 employees working together as one team, to provide a broad
range of financial services and advice-based solutions for
customers across Canada and
the United States. We protect,
manage and grow $48.1 billion in
balance sheet assets and $26.5
billion in assets under administration.
We drive results by placing our customers first, making the
better choice, acting courageously, and believing everyone
belongs.
SOURCE Laurentian Bank Securities