Running a Canadian bank is a licence to print money, but not for Laurentian Bank, which has struggled to grow and is now for sale. Read on.
The origins of Laurentian’s struggle to break free of its status as a small island on the financial scene date back to decisions made half a century ago, suggested a Toronto-based analyst who has followed Canada’s financial sector for years but was not authorized to speak about the sector since he no longer tracks the banks.
Then, about two years later, came the announcement that the bank’s board was undertaking a strategic review that is expected to result in a sale of the bank. Analysts estimatedThe same year the union disappeared, in 2021, Laurentian’s latest chief executive,recruited from Bank of Nova Scotia with much fanfare in 2020, unveiled a sweeping vision for the bank. It included a focus on “performance-oriented” culture centred on the customer and a pledge of “accelerated” growth by 2024.
National Bank carried $424 billion of assets, as of March 31, 2023, while Desjardins had $398 billion. Laurentian’s total assets, by comparison, sit around $51 billion. National and Desjardins are now the potential front-runners to acquire Laurentian, according to analysts such as Scotiabank’s Meny Grauman and Veritas Investment Research Corp.’s Nigel D’Souza — if it’s sold at all, that is.
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