Financial Digest

Laurentian Bank may soon be bought — adding to a new wave of Canadian banking consolidation

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News of the possible sale of the Montreal-based company, Canada’s eighth-largest bank by total assets, comes after two other recent deals for smaller financial players.

Laurentian Bank is conducting a strategic review that analysts say could lead to a sale, potentially solidifying a new trend of consolidation in Canada’s banking sector.

In 1998, then-Finance Minister Paul Martin blocked a pair of proposed mega-deals, one between RBC and BMO and the other between TD and CIBC. Earlier, the Globe and Mail reported that Laurentian had received a bid from an undisclosed rival. Both the Globe and La Presse reported that the bank hired JPMorgan to advise on the process.

 

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