Caisse Backs Laurentian Expansion
$100 equity investment helps bank push across Canada.
BY Caroline Cakebread | June 6, 2012
The Caisse de dépôt et placement du Québec today announced a $100-million equity investment in Laurentian Bank. The transaction will support the bank as it seeks to raise its profile in Canada. Laurentian also just announced that it would be acquiring AGF Trust.
“Laurentian Bank has been part of the Québec landscape for more than 165 years and has carved out a place in the Canadian financial markets, notably through a subsidiary specialized in banking services distribution. The Caisse is now becoming a partner of this growing bank whose performance will ensure a promising future and attractive returns for our depositors,” said Normand Provost, Executive Vice-President, Private Equity at the Caisse.
Laurentian Bank operates the third-largest retail branch network in Quebec but lacks profile in other provinces. It has more than $30 billion in balance sheet assets and more than $33 billion in assets under administration.