Laurentian Bank of Canada completed, through its wholly-owned subsidiary LBC Capital, the acquisition of Northpoint Commercial Finance, with approximately C$1.1 billion ($869 million) of assets. The acquisition was previously announced on May 18, 2017.
“Today marks an important milestone in our commitment to support our business customers across Canada and the U.S.,” said Stéphane Therrien, executive vice president, Personal and Commercial Banking at Laurentian Bank. “This transaction enriches our existing equipment financing activities, adds talented employees and their expertise to our team, and enhances our line of products and services creating a comprehensive equipment financing platform. In addition, we are welcoming thousands of new customers to Laurentian Bank, customers who will provide new growth opportunities for the Bank in the years to come.”
As a result of the closing of the acquisition, the bank’s 4,171,000 subscription receipts issued to the public on May 26, 2017, as well as the 483,560 subscription receipts issued on May 26, 2017, on a private placement basis were, in accordance with their terms, automatically settled on a one-for-one basis for common shares of the bank.
Laurentian Bank of Canada is a financial institution whose activities mainly extend across Canada. Founded in 1846, its mission is to help customers improve their financial health and it is guided by values of proximity, simplicity and honesty.
The bank serves one and a half million clients throughout the country and employs more than 3,600 individuals, which makes it a major player in numerous market segments. The bank caters to the needs of retail clients via its branch network based in Quebec. The bank also stands out for its know-how among small and medium-sized enterprises and real estate developers owing to its specialized teams across Canada. Its subsidiary B2B Bank is, for its part, one of the major Canadian leaders in providing banking products and services and investment accounts through financial advisors and brokers. Laurentian Bank Securities offers integrated brokerage services to a clientele of institutional and retail investors. The bank has more than $45 billion in balance sheet assets and more than $32 billion in assets under administration.
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