Minister Approves Fairstone Bank's Acquisition of Laurentian Bank

The federal Minister of Finance has given approval for Fairstone Bank of Canada's acquisition of Laurentian Bank of Canada. This move is part of a broader restructuring, where Laurentian Bank will focus on its role as a leading specialty commercial bank.

One key condition for the completion of the transaction is the sale of Laurentian Bank's retail and SME portfolios to National Bank of Canada. Both transactions have received necessary approvals from the Superintendent of Financial Institutions.

The parties involved expect the transactions to be completed by late 2026. Until the deals close, Laurentian Bank has implemented measures to ensure business continuity.