MONTREAL, Aug. 12,
2024 /CNW/ - Laurentian Bank (TSX: LB) (the
"Bank") announced today that it has entered into an agreement to
sell assets under administration of Laurentian Bank Securities'
Discount Brokerage division to CI Investment Services Inc.
("CIIS"), a wholly owned subsidiary of CI Financial Corp. (TSX:
CIX).
The transaction includes the transfer of 2,050 clients and
approximately $250 million in assets
under administration from Laurentian Bank Securities to CI Direct
Trading, an online investment platform for self-directed investors
and a division of CIIS. Subject to regulatory approvals, the
transaction is expected to close before the end of the calendar
year. The net proceeds from this transaction are not anticipated to
have a material impact on the Bank's financial position.
The transaction underscores Laurentian Bank's strategic focus on
simplification, in line with its strategic plan to concentrate on
areas of business where it can win and be more competitive.
At the conclusion of the transaction, customers will be
transitioned to CI Direct Trading, which offers a selection of
innovative trading platforms, a variety of investment account
types, and a wide range of resources and tools to support clients'
trading requirements. The Bank and CI Direct Trading are committed
to ensuring a smooth and seamless transition for all customers.
About Laurentian Bank
Founded in Montréal in 1846, Laurentian Bank wants to foster
prosperity for all customers through specialized commercial banking
and low-cost banking services to grow savings for middle-class
Canadians.
With a workforce of approximately 2,800 employees, the Bank
offers a wide range of financial services and advice-based
solutions to customers across Canada and the
United States. Laurentian Bank manages $48.4 billion in balance sheet assets and
$26.6 billion in assets under
administration.
About CI Investment Services Inc.
CI Investment Services Inc. ("CIIS") is a Canadian
financial technology company and a registered investment dealer
that provides a wide range of innovative brokerage, trading, and
investment services to a diverse client base of portfolio managers,
broker dealers, institutional and retail investors. CIIS is a
subsidiary of CI Financial Corp. (TSX: CIX), a diversified global
asset and wealth management company with approximately $489.1 billion in assets as of June 30, 2024.
SOURCE Laurentian Bank Securities