Laurentian Bank of Canada has obtained the approvals needed from securities and investment regulators for the transactions announced earlier involving Fairstone Bank of Canada and National Bank of Canada (NBC).
The approvals from the Canadian Investment Regulatory Organization and the relevant securities regulators complete the main regulatory process required before the transactions can be completed.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Under the previously disclosed arrangements late last year, Fairstone will acquire all outstanding common shares of Laurentian Bank, along with its commercial operations, in a C$1.9bn ($1.4bn) deal.
National Bank of Canada will take over Laurentian Bank’s retail and small and medium-sized enterprise banking portfolios.
The federal Minister of Finance had already authorised the acquisition transaction, while the Superintendent of Financial Institutions had granted the required approvals.
The closing condition linked to the Competition Act has been met for both transactions, if there is no change in circumstances involving the Competition Bureau.
The parties are targeting 1 November 2026 for completion, although the timetable remains dependent on the remaining closing conditions being met or waived, as well as the completion of certain integration work beforehand.
If the deal closes on that date, Laurentian Bank’s retail and SME products and services are expected to move to NBC by the end of 2026.
Laurentian Bank, Fairstone Bank and NBC said they will coordinate the transition for customers.
Retail and SME customers whose products and services are due to transfer to NBC after the Retail/SME Transaction closes will receive information explaining the effect on their banking arrangements.
Laurentian Bank said its shift towards core commercial specialisation is part of the process.
As part of the integration, Fairstone Bank will combine its commercial lending activities with Laurentian Bank’s commercial specialisation.
