The Globe and Mail reports in its Wednesday edition that unnamed sources say Laurentian Bank of Canada is up for sale, with larger rivals now circling the lender in pursuit of a deal that would continue a trend toward consolidation in financial services. The Globe's Andrew Willis and Stefanie Marotta write that Laurentian Bank said it is "conducting a review of strategic options" after The Globe revealed the lender is exploring a sale. Laurentian's board of directors recently hired financial and legal advisers to quietly shop the Montreal-based bank to potential buyers, according to four sources. Two of those sources said Laurentian is believed to have received a bid from an undisclosed rival bank that helped spur the sale process. Laurentian Bank is in the midst of a turnaround plan after its profitability and stock price significantly underperformed those of rival banks for several years. The bank has made some headway at revamping its fortunes under chief executive officer Rania Llewellyn. However, it faces headwinds as growth in its loan book is expected to slow, profit margins are starting to come under pressure and Canada's banking regulator is asking financial institutions to hold more capital.