Laurentian Bank Deal with Fairstone and National Nears Completion

Laurentian Bank of Canada announced that it expects to close its deal to be acquired by Fairstone Bank of Canada on November 1st, after receiving final regulatory approval. The deal involves National Bank taking over Laurentian's retail and small- and medium-sized banking portfolios.

The Canadian Investment Regulatory Organization and relevant securities regulators approved the agreement, which was first announced last year. Under the terms of the deal, Fairstone is buying Laurentian Bank for $1.9 billion, while National Bank is acquiring the bank's retail operations.

Laurentian says that it will work closely with Fairstone and National Bank to ensure a smooth transition for customers. The deal still requires some conditions to be met before it can be finalized.