Laurentian Bank of Canada has obtained the approvals needed from securities and investment regulators for the transactions announced earlier involving Fairstone Bank of Canada and National Bank of Canada (NBC). <\/p>\n
The approvals from the Canadian Investment Regulatory Organization and the relevant securities regulators complete the main regulatory process required before the transactions can be completed. <\/p>\n
Under the previously disclosed arrangements late last year, Fairstone will acquire all outstanding common shares of Laurentian Bank, along with its commercial operations, in a C$1.9bn ($1.4bn) deal. <\/p>\n
National Bank of Canada will take over Laurentian Bank’s retail and small and medium-sized enterprise banking portfolios. <\/p>\n
The federal Minister of Finance had already authorised the acquisition transaction, while the Superintendent of Financial Institutions had granted the required approvals. <\/p>\n
The closing condition linked to the Competition Act has been met for both transactions, if there is no change in circumstances involving the Competition Bureau. <\/p>\n
The parties are targeting 1 November 2026 for completion, although the timetable remains dependent on the remaining closing conditions being met or waived, as well as the completion of certain integration work beforehand. <\/p>\n
If the deal closes on that date, Laurentian Bank’s retail and SME products and services are expected to move to NBC by the end of 2026. <\/p>\n
Laurentian Bank, Fairstone Bank and NBC said they will coordinate the transition for customers. <\/p>\n
Retail and SME customers whose products and services are due to transfer to NBC after the Retail\/SME Transaction closes will receive information explaining the effect on their banking arrangements. <\/p>\n
Laurentian Bank said its shift towards core commercial specialisation is part of the process. <\/p>\n
As part of the integration, Fairstone Bank will combine its commercial lending activities with Laurentian Bank’s commercial specialisation. <\/p>\n