One of Canada’s oldest banks, the Laurentian Bank of Canada, has announced a strategic review and might be headed for a sale.
It’s the latest twist in a process that has seen the Laurentian embark on a process of renewal lasting several years.
Under Ms. Llewellyn’s leadership, the bank announced a new strategic plan in late 2020.
“Since the launch of the plan, the Bank has been exceeding all of its financial targets, even against a backdrop of an increasingly challenging macroeconomic environment and market volatility. It has also been delivering on key milestones as set out in its plan, including closing its customers’ top five pain points with the launch of its mobile app and digital account opening solution, rolling out a re-imagined Visa experience, and growing Commercial Banking with a focus on its areas of specialization,” it said.
The release said while the strategic review is underway, the management team will remain focused 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.”
It adds the bank does not intend to disclose further developments until the review is concluded.