13:26:00 EDT Sat 11 May 2024
Enter Symbol
or Name
USA
CA



Laurentian Bank of Canada
Symbol LB
Shares Issued 43,559,980
Close 2023-09-14 C$ 31.40
Market Cap C$ 1,367,783,372
Recent Sedar Documents

Globe says Laurentian Bank's search for a buyer ends

2023-09-15 08:42 ET - In the News

The Globe and Mail reports in its Friday, Sept. 15, edition that Laurentian Bank of Canada is faced with the challenge of rebuilding confidence among investors and proving that it can revive its business after ending a months-long search for a buyer. The Globe's Stefanie Marotta and Andrew Willis write that the bank concluded a lengthy strategic review on Thursday, saying that no buyer emerged and it will continue with an accelerated version of a turnaround plan that it set out on nearly two years ago. The bank also shuffled its leadership as part of a simplification strategy, with two senior executives leaving the lender, and said it plans to unveil a revised strategic plan early next year. The sale offered rivals a rare opportunity to buy a Canadian bank and expand its customer base in a highly saturated market in which customers tend to avoid switching lenders. No attractive bids, however, materialized. Now investors must wait until 2024 for more details on Laurentian's growth plans. Barclays analyst John Aiken says he is unsure "that focusing on efficiency and simplification to drive growth will be enough to placate the market." In July Laurentian shares soared to $43. The shares finished Thursday at $31.40.

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