The Montreal-based bank said Thursday it has decided that its best path forward to drive shareholder value is an accelerated evolution of its current plan with an increased focus on efficiency and simplification.
"Having now completed this review of our strategic options, we are more confident than ever in Laurentian Bank's strong positioning in the market and unique offering for our customers," Laurentian chief executive Rania Llewellyn said in a statement. National Bank analyst Gabriel Dechaine said in a note that he had anticipated a buyer would step in to buy the bank at below book value, and was downgrading the bank's rating given that's not the case.
As part of its path forward, the bank said Éric Provost, currently head of commercial banking, will assume the leadership of personal banking as group head of personal and commercial banking.
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