Shares of Laurentian Bank of Canada surged over 30% during early trading on Wednesday following the announcement that the bank was conducting a strategic review to maximize shareholder value.
A strategic review is often seen by investors as an indication that a company is considering a sale.
In a press release on Tuesday, the bank stated that it will not disclose any further information until the review is completed.
Laurentian Bank emphasized its strong capital and liquidity position, as well as its stable and diversified funding and deposit base.
National Bank analyst Gabriel Dechaine suggested that all of the Big Six banks will likely evaluate the possibility of acquiring Laurentian Bank. Potential buyers include Scotiabank, which aims to reduce its international segment’s impact on its bottom line, and TD, which has excess capital following the termination of its deal to acquire First Horizon Corp in the U.S.
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