Laurentian Bank has completed its review of strategic options without a deal to sell the bank.
The Montreal-based bank announced on Thursday that it has concluded its strategic review and has determined that the best way to create value for shareholders is to focus on efficiency and simplification.
While a strategic review often leads to a company being sold, Laurentian Bank instead plans to simplify its organizational structure and allocate capital and resources to its most profitable businesses and specialized products.
“After completing our strategic review, we are confident in Laurentian Bank’s strong market position and unique offerings for our customers,” said Rania Llewellyn, the bank’s CEO.
“As we continue to evolve, our team will build on our track record of executing our plan and delivering results for our customers, shareholders, and stakeholders.”
Laurentian Bank announced its strategic review in July, leading to speculation of a potential acquisition.
The bank stated that it explored various options during its strategic review, including selling the entire bank, divesting certain businesses, and accelerating its current plan.
As part of its path forward, Laurentian Bank announced that Eric Provost, currently head of commercial banking, will also lead personal banking as group head of personal and commercial banking.
Additionally, Sebastien Belair will assume the role of chief administrative officer, responsible for the bank’s operations in addition to his current position as chief human resources officer.
Laurentian Bank will provide further details when it releases its fourth-quarter results on December 7 and will unveil a renewed strategic plan at an investor day in early 2024.
The bank has been executing a three-year strategic plan launched in late 2021 to modernize its operations, including the introduction of its first mobile banking app.
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