Minister of Finance Approves the Acquisition of Laurentian Bank Shares

About this update from Laurentian Bank Of Canada

MONTREAL, June 26, 2026 /CNW/ - Laurentian Bank of Canada ("Laurentian Bank") is pleased to announce that the federal Minister of Finance has approved the previously announced acquisition by Fairstone Bank of Canada ("Fairstone Bank") of all of the issued and outstanding common shares of Laurentian Bank (the "Acquisition Transaction"). This important milestone advances Laurentian Bank's strategic transformation to sharpen its focus as a leading specialty commercial bank. The completion of the Acquisition Transaction is subject to the satisfaction of other closing conditions, including the closing of the acquisition by National Bank of Canada (directly or through one or more affiliates) ("NBC") of Laurentian Bank's retail and SME banking portfolios (the "Retail/SME Transaction" and, collectively with the Acquisition Transaction, the "Transactions"). The Transactions have also received the necessary approvals from the Superintendent of Financial Institutions, and the Competition Act approval condition to closing for both Transactions has been satisfied, provided that there is no change in circumstances relating to the Competition Bureau. Each of the Transactions also requires approval by the Canadian Investment Regulatory Organization and the relevant securities regulatory authorities. The parties expect the Transactions to be completed by late 2026. Until the Transactions close, Laurentian Bank has established several measures to ensure continuity of service. Its daily operations will continue as usual, and stakeholders are not expected to see any immediate changes. Laurentian Bank, Fairstone Bank, and NBC will work closely together to ensure a smooth transition for customers. Customers will receive clear communications outlining what the transition means for their products and services. Laurentian Bank's decision to focus on its core commercial specialization, in combination with Fairstone Bank, represents an opportunity to build on the strength of a long-established Quebec institution while further evolving it into a North American commercial lending platform headquartered in Montreal. As part of the integration, Fairstone Bank will combine its commercial lending operations with Laurentian Bank's commercial specialization, leveraging the expertise of both organizations to strengthen capabilities and expand market presence. About Laurentian Bank Foun...

View stock analysis, news, and events for Laurentian Bank Of Canada