Laurentian Bank has been focusing on improving performance following some challenging times in 2023 with an IT outage that ultimately led to a change of senior leadership as both CEO and chair of the board of directors resigned, and a drop in year-end earnings. This led to talk of a potential sale of the financial institution.
The sale of the LBS assets to iA Private Wealth is supportive of the bank’s strategic focus on simplification, and concentrating on areas of business where it can win and be more competitive. Net proceeds from the transaction are not expected to be material to the bank.
For iA Financial Group, the acquisition of the assets is expected to have only a marginal impact on its solvency ratio, however there will be a positive impact in other ways for the private wealth business.
“This acquisition will support iA Private Wealth’s strong growth and expand its presence,” said Stephan Bourbonnais, Executive Vice-President, Wealth Management at iA Financial Group and President and CEO of iAPW. “We look forward to welcoming these new advisors and helping them continue to secure their clients’ financial future with confidence.”
The closing date of the transaction is expected to be this summer, subject to, among other things, receipt of the necessary regulatory approvals.
