Laurentian Bank, Canada’s ninth-largest lender, has launched a “strategic review” that could result in a sale.
“While the review is underway, [management] remains committed to executing on the [bank’s] strategy and fiscal 2023 priorities of delivering excellent customer service, a focus on deposits and optimizing its funding structure, and driving efficiencies through simplification, with the full support and confidence of the [board of directors],” the bank said in a news release on July 11.
“[We don’t] intend to disclose further developments until the review is concluded.”
The announcement comes after sources told The Globe and Mail that Laurentian has been in talks with several suitors since late June.
The bank has reportedly hired JPMorgan Chase & Co., which ran last year’s sale of HSBC Canada to Royal Bank of Canada (RBC).
According to The Globe, a Laurentian takeover could cost between $2-billion and $2.8-billion.
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The bank states on its website that it employs a total workforce of more than 3,600 people.
If Laurentian does come under new management, here are a few things non-unionized employees in Canada need to know.
WATCH: Employment lawyer Lior Samfiru explains the rights workers have when their employer sells the business on an episode of the Employment Law Show.
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