Montreal-based Laurentian Bank announced on Thursday that it has concluded its strategic review, deciding against selling the bank and instead focusing on an accelerated evolution of its current plan. The bank's decision aims to drive shareholder value through increased efficiency and simplification.
Laurentian Bank had announced its strategic review back in July, which led to speculation that the bank could be acquired. However, the bank confirmed on Thursday that it had considered various options, including a full acquisition of the bank, selling certain businesses, and accelerating its current strategic plan.
The bank's decision to not pursue a sale follows a comprehensive review of its strategic options. "Having now completed this review of our strategic options, we are more confident than ever in Laurentian Bank's strong positioning in the market and unique offering for our customers," said Laurentian chief executive Rania Llewellyn in a statement. She further added that the executive management team and all employees would continue to build on their track record of executing against their plan and delivering meaningful results for customers, shareholders, and stakeholders.
As part of this evolution, Laurentian Bank announced key leadership changes. Éric Provost, currently head of commercial banking, will assume the leadership of personal banking as group head of personal and commercial banking. In addition, Sébastien Bélair will become the bank's chief administrative officer, taking responsibility for the bank's operations in addition to his current role as chief human resources officer.
The bank has been implementing a three-year strategic plan since late 2021 to modernize operations, which included rolling out its first mobile banking app. More information about Laurentian Bank's plans will be shared when it reports its fourth-quarter results on Dec. 7. The bank also plans to unveil a renewed strategic plan at an investor day scheduled for early 2024.
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