Laurentian Bank Sees Acquisition Deal with Fairstone and National Bank Close on Nov. 1

Laurentian Bank of Canada is on track to close its acquisition deal with Fairstone Bank of Canada by November 1. The bank announced this expected date after receiving regulatory approval from the Canadian Investment Regulatory Organization and relevant securities regulators. This is the final key regulatory approval needed for the transaction.

The takeover will see National Bank assume control of Laurentian's retail and small- to medium-sized banking portfolios, while Fairstone acquires the bank itself. The deal still requires completion of certain conditions but has cleared a major hurdle with this latest regulatory green light.