Laurentian Bank Deal With Fairstone Nears Completion in November

Laurentian Bank of Canada is on track to close its acquisition deal by Fairstone Bank of Canada and have National Bank take over its retail and small- and medium-sized banking portfolios as early as November 1.

The bank announced the expected closing date after receiving final regulatory approval from the Canadian Investment Regulatory Organization and relevant securities regulators.

Laurentian says this is the last key approval needed to complete the deal, which will see Fairstone acquire the bank in a move that will also transfer Laurentian's retail and small- and medium-sized banking portfolios to National Bank.