Laurentian Bank Breakup Clears Final Hurdles for November Closing
Laurentian Bank of Canada has secured its final regulatory approvals for a two-part transaction that will see Fairstone Bank of Canada acquire all its issued and outstanding common shares, while National Bank of Canada (NBC) takes over its retail and SME banking portfolios.
The Canadian Investment Regulatory Organization and relevant securities regulators have signed off on the deals, bringing an end to the key regulatory process. The federal minister of finance and the Superintendent of Financial Institutions had already approved the transactions, and the Competition Act condition has been satisfied.
Laurentian's retail and SME products are expected to migrate to NBC by late 2026, with a closing date set for November 1, 2026. This will allow Fairstone Bank to fold Laurentian's commercial business into its own operations, widening its market presence.