Laurentian Bank of Canada

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Laurentian Bank Financial Group Laurentian Bank of Canada
FormerlyMontreal City and District Savings Bank
TypePublic
TSXLB
IndustryChartered Banks
Founded1846
FounderIgnace Bourget
Headquarters
Area served
Canada
Key people
Rania Llewellyn (President & CEO)
ProductsPersonal and commercial banking products; brokerage
ServicesBanking and brokerage
RevenueIncrease $915.5 million (2016)
Increase $187 million (2016)
Number of employees
2,900 (2020)[2]
DivisionsLaurentian Bank of Canada, B2B Bank, Laurentian Bank Securities, LBC Capital, LBC Financial Services
Websitewww.laurentianbank.ca

The Laurentian Bank of Canada (LBC) (French: Banque Laurentienne du Canada) is a Schedule 1 bank that operates primarily in the province of Quebec, with commercial and business banking offices located in Ontario, Alberta, British Columbia, and Nova Scotia.[3] LBC's Institution Number (or routing number) is 039. It is the only bank in North America with a labour union,[4] although recent steps have been taken to revoke the accreditation.

The institution was established as the Montreal City and District Savings Bank in 1846. Shares for the bank were publicly listed on the Montreal Stock Exchange in 1965 and the Toronto Stock Exchange in 1983. In 1987, the institution was renamed the Laurentian Bank of Canada.

History[edit]

The mayor of Montreal addresses a crowd during a run at the Monteral City and District Savings Bank, 1872

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, Quebec. The bank’s 60 honorary directors included Louis-Hippolyte Lafontaine, Louis-Joseph Papineau, and Sir George-Étienne Cartier.[5]

In 1965, the bank listed its shares on the Montreal Stock Exchange.

In 1974, the bank installed an ATM system called "Bancaide". Primitive by the standards of the following decade, the nonetheless revolutionary machine dispensed cash 24 hours a day.[6]

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 moved to McGill College Avenue in Montreal.

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.

In 2016, the bank relocated all of its Montreal offices, including its headquarters on McGill College Avenue, into a single building on 1360 Rene Levesque Boulevard West in Montreal.[1]

In 2020, Rania Llewellyn was named President and CEO replacing acting CEO Stephane Therrien who had been serving as president and chief executive since Francois Desjardins retired in June 2020. Llewellyn became the first woman to head a major Canadian chartered bank.[7]

A Laurentian Bank branch in Longueuil

Mergers and acquisitions[edit]

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 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.

Management[edit]

E-Commerce Place Phase II Tower in Montreal houses the headquarters for the Laurentian Bank of Canada

Executive committee[edit]

The members of the executive committee are:

  • Rania Llewellyn – President and Chief Executive Officer
  • Sébastien Bélair - Executive Vice President and Chief Human Resources Officer
  • Yvan Deschamps - Executive Vice President, Chief Financial Officer
  • Yves Denommé - Executive Vice President, Operations
  • William Mason – Executive Vice President and Chief Risk Officer
  • Karine Abgrall-Teslyk - Executive Vice President, Personal Banking
  • Éric Provost – Executive Vice President, Commercial Banking & President, Quebec Market
  • Kelsey Gunderson – Executive Vice President, Capital Markets & President and Chief Executive Officer, Laurentian Bank Securities

Board of directors[edit]

  • Michael Mueller – Chair of the Board
  • Lise Bastarache – Member of the Audit Committee
  • Sonia Baxendale – Chair of the Risk Management Committee and Member of the Human Resources and Corporate Governance Committee
  • Michael T. Boychuk, FCPA, FCA – Chair of the Audit Committee and member of the Risk Management Committee
  • Rania Llewellyn –President and Chief Executive Officer of the Bank
  • Michelle R. Savoy– Chair of the Human Resources and Corporate Governance Committee and Member of the Risk Management Committee
  • Susan Wolburgh Jenah – Member of the Risk Management Committee and of the Human Resources and Corporate Governance Committee
  • Andrea Bolger - Member of the Risk Management Committee and member of the Human Resources and Corporate Governance Committee
  • David Morris, CPA, CA - Member of the Audit Committee
  • David Mowat - Member of the Human Resources and Corporate Governance Committee
  • Nicholas Zelenczuk - Member of the Audit Committee and member of the Risk Management Committee [6]

See also[edit]

References[edit]

  1. ^ a b "Laurentian Bank of Canada relocates its Montreal offices and takes up residence at 1360 ReneLevesque Boulevard West" (PDF). Laurentian Bank of Canada. 8 August 2016. Retrieved 2 December 2019.
  2. ^ Inc., SedNove. "BLC – Your bank". www.banquelaurentienne.ca. Retrieved 23 April 2018.
  3. ^ https://www.laurentianbank.ca/pdf/LBC_2015_Annual_Report_1_.pdf
  4. ^ https://financialpost.com/news/fp-street/laurentian-bank-labour-union.
  5. ^ Inc., SedNove. "BLC – Your bank". www.laurentianbank.ca. Retrieved 2016-07-28.
  6. ^ "BLC - Your bank". www.laurentianbank.ca. Retrieved Nov 20, 2020.
  7. ^ "Laurentian Bank names Rania Llewellyn CEO, first woman to hold top job | CBC News". CBC. Retrieved 2020-11-02.

External links[edit]