MONTREAL — Laurentian Bank has reached a deal to sell the assets of its retail full-service investment broker division to iA Private Wealth Inc.
The bank says the transaction includes the transfer of about $2 billion in assets under administration from Laurentian Bank Securities to iA Private Wealth, a subsidiary of iA Financial Group.
Laurentian says net proceeds from the transaction aren't expected to be material.
IA Financial Group says the transaction will involve it taking on about 16,000 client accounts, and some 30 advisors will be invited to join iAPW.
Laurentian says the sale supports its strategic focus on simplification and concentrating on areas where it can be more competitive.
News of the deal comes two days after the bank announced that Kelsey Gunderson, head of capital markets, was leaving the bank and that Brian Doyle would assume the role of acting head of capital markets and acting chief executive of Laurentian Bank Securities Inc.
This report by The Canadian Press was first published April 4, 2024.
Companies in this story: (TSX:LB)
The Canadian Press
