MONTRÉAL, July 11,
2023 /CNW/ - Laurentian Bank (TSX: LB) (the "Bank"),
announced today that its Board of Directors and Management Team are
conducting a review of strategic options to maximize shareholder
and stakeholder value.
Over the past two and a half years, the Bank's renewed senior
leadership team and Board have been focused on building up
Laurentian Bank for sustained growth and profitability, and
executing on its three-year strategic plan that it launched at its
December 2021 Investor Day. Since the
launch of the plan, the Bank has been exceeding all of its
financial targets, even against a backdrop of an increasingly
challenging macroeconomic environment and market volatility. It has
also been delivering on key milestones as set out in its plan,
including closing its customers' top five pain points with the
launch of its mobile app and digital account opening solution,
rolling out a re-imagined Visa experience, and growing Commercial
Banking with a focus on its areas of specialization. Guided by a
new purpose and core values, the Bank's culture has been renewed
and it has made significant progress on its ESG journey.
Laurentian Bank has a strong capital and liquidity position, as
reflected in its most recent quarterly results, and its funding and
deposit base are strong, stable and diversified.
While the review is underway, the Management Team remains
committed to executing on the Bank's strategy and fiscal 2023
priorities of delivering excellent customer service, a focus on
deposits and optimizing its funding structure, and driving
efficiencies through simplification, with the full support and
confidence of the Board.
The Bank does not intend to disclose further developments until
the review is concluded.
About Laurentian Bank
At Laurentian Bank, we believe we can change banking for the
better. By seeing beyond numbers.
Founded in Montréal in 1846, Laurentian Bank helps families,
businesses and communities thrive. Today, we have approximately
3,000 employees working together as one team, to provide a broad
range of financial services and advice-based solutions for
customers across Canada and
the United States. We protect,
manage and grow $50.7 billion in
balance sheet assets and $27.7 billion in assets under
administration.
We drive results by placing our customers first, making the
better choice, acting courageously, and believing everyone
belongs.
SOURCE Laurentian Bank of Canada