Laurentian Bank Deal Clears Final Hurdle as Regulatory Approval Received

L Laurentian Bank of Canada is one step closer to completing its deal to be acquired by Fairstone Bank of Canada, with a key regulatory approval received on August 31. The bank expects to close the deal and have National Bank take over its retail and small- and medium-sized banking portfolios on November 1.

The Canadian Investment Regulatory Organization and relevant securities regulators approved the deal, which is still subject to conditions. This was the final key regulatory approval needed to complete the transaction.

Under the agreement announced last year, Fairstone is buying Laurentian Bank and its commercial operations for $1.9 billion, while National Bank is acquiring its retail and small- and medium-sized banking portfolios. The bank says that Fairstone Bank, National Bank, and it will work closely together to ensure a smooth transition for customers.