2025-12-02
[Bnn Bloomberg]: Laurentian Bank splits up: Laurentian Bank of Canada has reached agreements to break up and sell itself to Fairstone Bank for $1.9 billion. National Bank of Canada will acquire all Laurentians’ retail and small-business assets and liabilities. Fairstone will operate Laurentians’ commercial lending business. Fairstone is an alternative mortgage lender that also offers a variety of other financial products. It’s privately held, but in January it was announced that Smith Financial, the vehicle of Canadian billionaire Stephen Smith, had taken a majority voting interest. Laurentian put itself up for sale in 2023 but failed to find a buyer. Analyst John Aiken at Jefferies says National not only benefits by increasing its scale in its home province but does not have to deal with the legacy issues associated with Laurentian’s branch system. “Getting the assets, deposits and mutual funds at book value is simply icing on the cake,” he says.
Scotia tops estimates: Bank of Nova Scotia topped adjusted profit estimates in its latest quarter, on better-than-expected results in its capital markets and wealth management divisions. Scotia also booked a restructuring charge primarily related to workforce reductions. Scotiabank is two years into a strategic overhaul with its international division tracking ahead of plans while earnings growth at home has been slower.
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