Laurentian Bank of Canada

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Laurentian Bank of Canada
Public
Traded as TSXLB
Industry Chartered Banks
Founded 1846
Founder Ignace Bourget
Headquarters Montreal, Quebec, Canada
Area served
Canada
Key people
François Desjardins (President & CEO)
Products Personal and commercial banking products; brokerage
Services Banking and brokerage
Revenue Increase $915.5 million (2016)
Increase $187 million (2016)
Number of employees
3,600 (2016) [1]
Divisions Laurentian Bank, B2B Bank, Laurentian Bank Securities, LBC Capital, LBC Financial Services
Website www.laurentianbank.ca

The Laurentian Bank of Canada (LBC) (French: Banque Laurentienne du Canada) is a financial institution founded in 1846 whose activities extend across Canada. The Bank caters to the needs of retail clients via its branch network based in Quebec. The Bank also stands out for its know-how among small and medium-sized enterprises and real estate developers owing to its specialized teams across Canada. Its subsidiary B2B Bank is, for its part, one of the major Canadian leaders in providing banking products and services and investment accounts through independent advisors and brokers. Laurentian Bank Securities offers integrated brokerage services to a clientele of institutional and retail investors.[2]

History[edit]

The run on the Montreal City and District Savings Bank. The Mayor addressing the crowd. Printed in 1872 in the Canadian Illustrated News.

LBC's history began in 1846 with the founding of the Banque d'Épargne de la Cité et du District de Montréal, or Montreal City and District Savings Bank, by Monseigneur Ignace Bourget and a group of 15 prominent people from Montreal. The bank’s 60 honorary directors included Louis-Hippolyte Lafontaine, Louis-Joseph Papineau and Sir George-Étienne Cartier.[3]

In 1965, the Bank listed its shares on the Montreal Stock Exchange. In 1980, the Montreal City and District Savings Bank obtained the right to expand its operations throughout Canada. This expansion led to the institution listing its shares on the Toronto Stock Exchange three years later, and in 1987, the bank was renamed Laurentian Bank of Canada.

In 1988, after more than a century (1871-1988) at 176 Saint-Jacques street, the institution's head office moves to McGill College avenue.

In 1993, the Bank acquired General Trust Corporation and purchased most of the Société Nationale de Fiducie’s assets from the brokerage firm BLC Rousseau, thus creating Laurentian Bank Securities (LBS).

In 2000, it acquired all Sun Life Trust Company stock in a transaction that resulted in the creation of the new B2B Trust subsidiary, now known as B2B Bank.

Mergers and acquisitions[edit]

Former Laurentian Bank branch located in Montreal, in a historical building still engraved with the bank's pre-1987 name.

The bank merged with Eaton Trust Company (in 1988), purchased Standard Trust's assets (1991), acquired La Financière Coopérants Prêts-Épargne Inc., and Guardian Trust Company in Ontario (1992), acquired General Trust Corporation in Ontario, and purchased some Société Nationale de Fiducie assets and the brokerage firm BLC Rousseau (1993).

In 1993, the Desjardins-Laurentian Financial Corporation became the new majority shareholder of Laurentian Bank of Canada, following the merging of the Laurentian Group Corporation with the Desjardins Group. The bank purchased the Manulife Bank of Canada’s banking service network and the assets of Prenor Trust Company of Canada in 1994.

In 1995, the bank acquired 30 branches of the North American Trust Company.

In 1996, one of its subsidiaries acquired the parent corporation of Trust Prêt et Revenu du Canada. A few months later, the withdrawal of its main shareholder – Desjardins-Laurentian Financial Corporation – prompted the Laurentian Bank to become a Schedule 1 Bank under the Bank Act, on a par with all the other large Canadian banks.

Membership[edit]

LBC is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of Interac.

Executive Committee[edit]

In November 2015, François Desjardins takes the Bank's reigns, becoming the institution's 27th President and Chief Executive Officer, succeeding to Réjean Robitaille.[4][5]

The members of the executive committee are:

  • François Desjardins - President and Chief Executive Officer
  • François Laurin - Executive Vice President, Chief Financial Officer
  • Susan Kudzman - Executive Vice President, Chief Risk Officer and Corporate Affairs
  • Deborah Rose - President and Chief Executive Officer of B2B Bank, Executive Vice President, Intermediary Banking and Chief Information Officer, Laurentian Bank
  • Stéphane Therrien - Executive Vice President, Personal & Commercial Banking and President & CEO of LBC Financial Services
  • Michel C. Trudeau - President and Chief Executive Officer, Laurentian Bank Securities and Executive Vice President, Capital Markets, Laurentian Bank

Board of directors[edit]

  • Isabelle Courville - Chairman of the Board
  • Lise Bastarache - Member of the Audit Committee
  • Sonia Baxendale - Member of the Audit Committee
  • Richard Bélanger, FCPA, FCA - Member of the Human Ressources and Corporate Governance Committee
  • Michael T. Boychuk, FCPA, FCA - Chair of the Audit Committee and member of the Risk Management Committee
  • Gordon Campbell, Member of the Audit Committee
  • François Desjardins - President and Chief Executive Officer of the Bank
  • Michel Labonté - Chair of the Risk Management Committee and membre of the Human Ressources and Corporate Governance Committee
  • A. Michel Lavigne, FCPA, FCA - Member of the Human Ressources and Corporate Governance Committee
  • Michelle R. Savoy - Chair of the Human Ressources and Corporate Governance Committee
  • Susan Wolburgh Jenah - Member of the Risk Management Committee[6]

See also[edit]

References[edit]

External links[edit]