Canada’s ninth-largest bank, Laurentian Bank (LB-T), announced on Thursday that it has concluded its strategic review, initiated in July, and will continue as an independent institution with a more streamlined structure. The bank had previously explored various options to maximize shareholder value, including potential acquisitions and divesting certain businesses.
The Montreal-based bank stated that the board, supported by the executive management team, unanimously agreed that the best course of action was to accelerate its current strategic plan with a greater emphasis on efficiency and simplification. This decision follows reports in July suggesting that Laurentian was struggling to find an acquirer, with Canada's leading banks - Bank of Nova Scotia and Toronto-Dominion Bank - reportedly withdrawing from potential acquisition talks.
Despite facing a challenging macroeconomic environment and market volatility, the bank had exceeded its financial targets at the time of launching the review. In addition to this, Laurentian had laid out a three-year turnaround plan in late 2021 aimed at streamlining operations and increasing profits, which it maintains is progressing as planned.
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