CANADIAN LENDER FAIRSTONE TO BUY LAURENTIAN BANK FOR C$1.9 BILLION

(Corrects currency in headline, paragraph 1 to Canadian dollar from U.S. dollar)

Dec 2 (Reuters) - Fairstone Bank of Canada will buy peer Laurentian Bank in an all-cash deal valued at C$1.9 billion, the Canadian lender said on Tuesday.

The deal is at a premium of 20% over the price of Laurentian Bank shares' close as of December 1, according to the banks.

"This announcement is aligned with the acceleration of Laurentian Bank's commercial specializations, as announced in our 2024 Strategic Plan," Laurentian Bank CEO Éric Provost said.

Separately, National Bank of Canada will acquire the retail and SME banking portfolios of Laurentian.

(Reporting by Ateev Bhandari in Bengaluru; Editing by Anil D'Silva)

2025-12-02T11:57:56Z