Business
Laurentian Bank of Canada finalizes its acquisition of the Canadian equipment financing and corporate financing activities of CIT Group Inc.
Laurentian Bank of Canada finalizes its acquisition of the Canadian equipment financing an...
About this update from Laurentian Bank Of Canada
[{"type":"text","content":"\n\n\n\nLaurentian Bank of Canada finalizes its acquisition of the Canadian equipment financing and corporate financing activities of CIT Group Inc.\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLaurentian Bank of Canada finalizes its acquisition of the Canadian equipment financing and corporate financing activities of CIT Group Inc.\nCanada NewsWire\nMONTREAL, Oct. 3, 2016\n\n\n\n\nExpands the Bank's Business Services activities \nStrengthens the Bank's position as a national player in the equipment financing sector \nLaunch of LBC Capital Inc. subsidiary operations \n\n\nMONTREAL, Oct. 3, 2016 /CNW Telbec/ - Laurentian Bank of Canada (TSX : LB) (\"Laurentian Bank\" or the \"Bank\") announced  today the completion of the acquisition of CIT Group Inc. Canadian equipment  financing and corporate financing activities (\"CIT Canada\") , a portfolio valued at approximately C$1 billion. This acquisition was first announced on June 29, 2016. As stated at that time, the equipment financing activities would be regrouped under a new national subsidiary called LBC Capital Inc., which is being launched today. \n\n\"We are pleased to welcome the CIT Canada employees whose expertise and well-established business relationships are complementary to our internal expertise. This will allow us to accelerate the development of our service offering to Canadian businesses\" said Stéphane Therrien, Executive Vice-President, Personal and Commercial Banking, at Laurentian Bank. \"I am also pleased to announce the appointment of Eric Provost, Senior Vice-President, Commercial Banking as President of LBC Capital Inc. During the course of his career, Eric has demonstrated strong leadership skills and we are convinced that he will successfully propel LBC Capital's development while continuing to deliver strong profitable growth for our Commercial banking sectors\" added Mr. Therrien. \n\nThis acquisition is in line with the Laurentian Bank transformation plan to increase the percentage of loans to business customers and expand its presence across Canada. With regard ...