Laurentian Bank is reorganizing itself following a review of its strategic options and is making changes to accelerate the progress of its business plan.
Laurentian announced Thursday that it has completed its review review and believes the best path forward to maximize shareholder value is to accelerate the evolution of the current strategic plan with increased attention to efficiency and simplification. .
During the review process, the sale of the bank was considered. Laurentian has received purchase offers as part of the review of its strategic options, including at least one for the entire bank, according to our information.
The value of the proposals received, however, would not have been considered advantageous for the bank’s shareholders.
Management has now decided to simplify its organizational structure by focusing on areas where it believes it can make gains and on its most profitable products.
Two senior executives are leaving the organization: Karine Abgrall-Teslyk, who was responsible for personal banking, and Yves Denommé, who led the bank’s sector and operations teams.
Éric Provost, currently head of business services, now adds responsibility for personal banking services to his responsibilities, while Sébastien Bélair becomes head of administrative services, now assuming responsibility for operations in addition to his current role as head human resources.
“We have more confidence than ever in the strong positioning of Laurentian Bank in the market and the unique offer it offers to its clients,” comments CEO Rania Llewellyn in a press release.
A review of the strategic plan will be presented in early January during an investor day.
