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Laurentian Bank to Exit Retail Brokerage Business with $2 Billion Asset Sale

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Finance News

Laurentian Bank,Retail Brokerage,Asset Sale

Laurentian Bank is selling $2 billion of assets under administration to iA Financial Group, resulting in the transfer of 16,000 client accounts to iA Private Wealth. Additionally, around 30 securities-licensed investment advisers at Laurentian have been invited to join iA. The financial details of the transaction were not disclosed, but both parties expect the impact on their respective businesses to be minimal.

is exiting the retail brokerage business with the sale of $2-billion of assets under administration to Montreal-based financial services giant iA Financial Group

iA spokesperson Pierre Picard said the deal does not include Laurentian’s institutional brokerage business. Shortly after, Laurentian’s systems crashed during a planned technology upgrade. The outage prevented clients from accessing their accounts for four days. Mr. Provost is expected to announced a new strategic plan this spring that will include looking to expand the bank’s most profitable business, commercial lending.“This is what we need to accelerate and put our energy into understanding how can we be simpler but better with our customers,” he said in an interview in December.

 

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