MONTREAL, 12 August 2024 /CNW/ – Laurentian Bank (TSX: LB) (the “Bank”) today announced that it has entered into an agreement to sell assets under the management of the discount brokerage division of Laurentian Bank Securities to CI Investment Services Inc. (“CIIS”), a wholly owned subsidiary of CI Financial Corp. (TSX: CIX).

The transaction includes the transfer of 2,050 customers and approx. 250 million US dollars of assets under management from Laurentian Bank Securities to CI Direct Trading, an online investment platform for self-directed investors and a division of CIIS. Subject to regulatory approvals, the transaction is expected to close before the end of the calendar year. The net proceeds from this transaction are not expected to have a material impact on the financial position of the Bank.

The transaction underscores Laurentian Bank’s strategic focus on simplification and is consistent with its strategic plan to focus on business areas where it can succeed and increase its competitiveness.

Upon completion of the transaction, clients will be transferred to CI Direct Trading, which offers a choice of innovative trading platforms, various investment account types and a wide range of resources and tools to support clients’ trading needs. The Bank and CI Direct Trading are committed to ensuring a smooth and seamless transition for all clients.

About Laurentian Bank

Founded in Montreal in 1846, Laurentian Bank seeks to promote the prosperity of all customers through specialized commercial banking and low-cost banking services, thereby increasing the savings of Canada’s middle class.

With around 2,800 employees, the bank offers a wide range of financial services and advisory-based solutions for customers in Canada And the United States. Laurentian Bank manages 48.4 billion US dollars in the balance sheet assets and 26.6 billion US dollars of assets under management.

About CI Investment Services Inc.

CI Investment Services Inc. (“CIIS”) is a Canadian financial technology company and registered investment dealer that provides a broad range of innovative brokerage, trading and investment services to a diverse client base of portfolio managers, broker-dealers, institutional and retail investors. CIIS is a subsidiary of CI Financial Corp. (TSX: CIX), a diversified global wealth and asset management firm with approximately 489.1 billion US dollars in assets to June 30, 2024.

Source: Laurentian Bank Securities

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2024/12/c3495.html