Laurentian Bank and iA Financial Group announced April 4 that both have entered into an agreement wherein iA Private Wealth Inc. will acquire the assets of Laurentian Bank Securities Inc.’s full-service investment broker division.
The transaction is expected to close this summer, subject to the receipt of necessary regulatory approvals. Laurentian Bank Securities’ retail full-service broker division includes $2-billion in assets under administration. Approximately 16,000 client accounts will be transferred upon completion of the transaction. “Some 30 advisors are invited to join iA Private Wealth afterwards,” iA states. “This acquisition, the amount of which is not disclosed, will have only a marginal impact on IA Financial Group’s solvency ratio.”
The bank says net proceeds from the transaction are not expected to be material, either. “The transaction supports Laurentian Bank’s strategic focus on simplification, and concentrating on areas of business where it can win and be more competitive.”
