Laurentian Bank's 180-Year Run Nears End as Transaction Clears Final Hurdle

Laurentian Bank of Canada's 180-year run as a listed bank is nearing its end, after the Canadian Investment Regulatory Organization (CIRO) cleared the final hurdle for the two-part transaction. The deal sends Laurentian's commercial business to Fairstone Bank of Canada and its retail and small- and medium-sized enterprise (SME) banking portfolios to National Bank of Canada.

The transactions are set to close on November 1, pending conditions being met. Laurentian announced this date after the CIRO and relevant securities regulators approved the deal, describing it as the final key regulatory approval needed to complete the transaction.

National Bank will acquire roughly $3.4bn in underlying mutual funds, along with retail loans and deposits of about $3.3bn and $7.6bn, and SME loans and deposits of about $0.8bn and $0.6bn. Fairstone is paying $40.50 per share in cash, a premium of about 20 percent to Laurentian's closing price of $33.76 on December 1, 2025, valuing the bank at roughly $1.9bn.

Laurentian will keep its brand identity and Montreal head office, with Éric Provost staying on as chief executive. The bank shares are expected to be delisted from the Toronto Stock Exchange once the transactions close.