Laurentian Bank inks deal to sell assets of retail investment broker division (updated)

iA Financial

04/04/2024 23:23

(Adds deal details in paragraphs 2-4)
       April 4 (Reuters) - Laurentian Bank  LB.TO  said on
Thursday it had entered an agreement to sell the assets under
administration of its retail full-service investment broker
division. 
    The deal includes the transfer of about $2 billion in assets
from Laurentian Bank Securities to iA Private Wealth Inc, a
wholly owned subsidiary of iA Financial Group, the lender said.
        Quebec-based iA Financial is an insurance and wealth
management company with operations in Canada and the United
States.
  
        The net proceeds from the transaction, which is expected
to close this summer, are not expected to be material to the
bank, Laurentian said.
  

 (Reporting by Manya Saini and Mehnaz Yasmin in Bengaluru;
Editing by Alan Barona)
 ((Manya.Saini@thomsonreuters.com;))