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.
 | |
| Formerly | Montreal City and District Savings Bank |
|---|---|
| Company type | Public |
| TSX: LB | |
| Industry | Banking |
| Founded | 1846 |
| Founder | Ignace Bourget |
| Headquarters | |
Area served | Canada |
Key people | Éric Provost (President & CEO) |
| Products |
|
| Services | |
| Revenue |  Can$1.03 billion (2023)[2] |
| Can$181 million (2023)[2] | |
| AUM | Can$3.02 billion (2023)[2] |
| Total assets | Can$49.89 billion (2023)[2] |
| Total equity |  Can$2.86 billion (2023)[2] |
Number of employees | 3,000 (FTE, 2023)[2] |
| Divisions |
|
| Website | laurentianbank.ca |
The institution was established as the Montreal City and District Savings Bank in 1846. The bank's shares 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.
It is the only bank in North America to have had a labour union, some 1,100 positions becoming unionized in 1967,[4] with the rest of non-managerial positions joining decades later. In 2017, there was a failed attempt by the bank to decertify the Canadian Office and Professional Employees Union,[5] but a majority of workers voted for union decertification in March 2021, leading the Canada Industrial Relations Board to revoke the union's certification in April 2021.[6][7]
History
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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 Bishop Ignace Bourget and a group of 15 prominent individuals from Montreal, Quebec. The bank's 60 honorary directors included Louis-Hippolyte Lafontaine, Louis-Joseph Papineau, and Sir George-Étienne Cartier.[8]
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.[8]
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.
On October 2 2023, Laurentian Bank announced the departure of CEO Rania Llewellyn and Chairman of the Board Michael Mueller. Ms. Llewellyn was replaced by M. Éric Provost.[9]
Mergers and acquisitions
editThe 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.
In 2023, Laurentian Bank launched a new line of Visa credit cards in partnership with Brim Financial.[10] The new system provides digital onboarding and instant adjudication, instant virtual card issuance, mobile wallet functionality and self-serve card management options including setting credit limits and replacement of lost cards.[11]
Membership
editLBC is a member of the Canadian Bankers Association and registered member with the Canada Deposit Insurance Corporation, a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of Interac.
See also
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References
edit- ^ a b "Laurentian Bank of Canada relocates its Montreal offices and takes up residence at 1360 Rene-Levesque Boulevard West" (PDF) (Press release). Laurentian Bank of Canada. 8 August 2016. Retrieved 2 December 2019.
- ^ a b c d e f "2023 Annual Report" (PDF). Laurentian Bank of Canada Investor Relations. Retrieved 10 December 2023.
- ^ "2015 Annual Report" (PDF). Archived from the original (PDF) on 21 January 2022. Retrieved 16 September 2019.
- ^ [1], Lowe, G. S. (1981). Causes of Unionization in Canadian Banks. Relations Industrielles / Industrial Relations, 36(4), 865–893.
- ^ Zochodne, Geoff (5 September 2018). "Laurentian is the only North American bank with a labour union – and it's clouding their outlook". Financial Post. Toronto. Retrieved 13 November 2021.
An impasse with the union has bogged down the bank's plan to have branches focus on offering financial advice, as well as move customers towards online banking.
- ^ "Canada Industrial Relations Board (CIRB) revokes union certification at Laurentian Bank". Financial Post. Toronto. 21 April 2021. Retrieved 16 December 2021.
- ^ Arsenault, Julien (22 April 2021). "Après plus de cinq décennies, il n'y a plus de syndicat à la Banque Laurentienne" [After more than five decades, no more union at Laurentian Bank]. Le Devoir. Montreal. Retrieved 6 September 2023.
- ^ a b "Our History". Laurentian Bank. Retrieved 6 September 2023.
- ^ "Laurentian Bank 'Crisis' Elevates New CEO After Chaotic Weekend". Bloomberg.com. 2 October 2023. Retrieved 7 November 2023.
- ^ Khairnar, Shruti (14 February 2023). "Laurentian Bank launches new credit card programme with Brim Financial". Fintech Futures. Retrieved 6 September 2023.
- ^ "Laurentian Bank announces strategic partnership with Brim Financial to transform its VISA customer experience" (Press release). Banque Laurentienne du Canada. 22 December 2021. Retrieved 3 June 2022 – via GlobeNewswire News Room.
External links
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