Rad - It has nothing to do with being angry. I don't own any of this turd so I have no reason to have any emotional attachment. What I care about is accurate information because many who read these boards trust what they read here.
They were talking to potential bidders, nowhere does it say a bid, lowball or not, was in place when they lauched the review.
https://montreal.ctvnews.ca/laurentian-bank-launches-strategic-review-that-could-lead-to-sale-1.6475694
Laurentian Bank is launching a strategic review process that could lead to the sale of the regional bank.
The financial institution, officially based in Montreal but managed from Toronto, made the announcement in a press release after market close on Tuesday. The bank does not intend to communicate any further information on this subject until the review is completed.
Laurentian Bank has been in talks with several bidders since the end of June, according to four sources quoted by the Globe and Mail.
President and CEO Rania Llewellyn launched a new strategic plan at the end of 2021 to breathe new life into a bank that was losing momentum after the failure of the seven-year transformation plan adopted by her predecessor, Franois Desjardins, in 2015.
In a banking industry dominated by large financial institutions, Laurentian's size represented a drag, as technological investments are often as significant as for a large institution, but are spread over a smaller customer base.
The bank has made progress under Llewellyn's leadership. In an interview in April, she pointed out that the institution was ahead of schedule in terms of its strategic plan.
The bank has a mobile application, its processes are faster, and customer and employee satisfaction is up. This progress is also reflected in the financial results. Earnings per share have risen by 14% in 2022, compared with an initial target growth of 5%.
Unfavourable winds are blowing through the financial industry, however, against a backdrop of rising interest rates and economic uncertainty. In June, the bank announced a 17% decline in net income, although less than had been feared by financial analysts. It also announced a rationalization of its capital markets activities.
Other layoffs were announced recently, notably at Mouvement Desjardins and Bank of Montreal.
Founded in Montreal in 1846, Laurentian Bank has almost 3,000 employees and had a market value of around $1.5 billion before the strategic review process was announced.
The last major transaction in the Canadian banking sector occurred in November 2022, when RBC Bank announced its intention to acquire HSBC's Canadian operations for $13.5 billion. The transaction has yet to receive regulatory approval.
The federal government announced on Tuesday that it was extending its consultation process until July 21.
This report by The Canadian Press was first published in French on July 11, 2023.