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The Montreal-based bank stated that the board, supported by the executive management team, unanimously agreed that the best course of action was to accelerate its current strategic plan with a greater emphasis on efficiency and simplification. This decision follows reports in July suggesting that Laurentian was struggling to find an acquirer, with Canada’s leading banks – Bank of Nova Scotia and Toronto-Dominion Bank – reportedly withdrawing from potential acquisition talks.
Despite facing a challenging macroeconomic environment and market volatility, the bank had exceeded its financial targets at the time of launching the review. In addition to this, Laurentian had laid out a three-year turnaround plan in late 2021 aimed at streamlining operations and increasing profits, which it maintains is progressing as planned.
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