Laurentian Bank concludes review without deal to sell, sticks with plan
By The Canadian Press on September 14, 2023.
MONTREAL – Laurentian Bank has completed its review of strategic options without a deal to sell the bank. It says it has decided that its best path forward to drive shareholder value is an accelerated evolution of its current plan with an increased focus on efficiency and simplification. A strategic review is often seen by investors as a prelude to a sale by a company. However, Laurentian says it will work on simplifying its organizational structure and focusing on allocating capital and resources to its highest grossing businesses and specialized products. As part of that plan, the bank says Éric Provost, currently head of commercial banking, will assume the leadership of personal banking as group head of personal and commercial banking. Sébastien Bélair will also become the bank’s chief administrative officer, assuming responsibility for the bank’s operations in addition to his current role as chief human resources officer. Laurentian says it will share more information when it reports its fourth-quarter results on Dec. 7 and will unveil a renewed strategic plan at an investor day early in 2024. This report by The Canadian Press was first published Sept. 14, 2023. Companies in this story: (TSX:LB) 9-8
