The news at the time sent the bank's shares from around $33 to $43 each on speculation of a sale, but its stock had sunk to under $36 as of Wednesday's close. Laurentian announced its strategic review in July, prompting speculation the bank could be acquired. "As we continue to evolve our bank, our executive management team and all employees will build on our proven track record of executing against our plan and delivering meaningful results for our customers, shareholders, and stakeholders."
"Having now completed this review of our strategic options, we are more confident than ever in Laurentian Bank's strong positioning in the market and unique offering for our customers," Laurentian chief executive Rania Llewellyn said in a statement. However, Laurentian said it will work on simplifying its organizational structure and focusing on allocating capital and resources to its highest grossing businesses and specialized products. The Montreal-based bank said Thursday it has decided that its best path forward to drive shareholder value is an accelerated evolution of its current plan with an increased focus on efficiency and simplification.Ī strategic review is often seen by investors as a prelude to a sale by a company. MONTREAL - Shares of Laurentian Bank were down more than 10 per cent in morning trading after it announced it had completed its review of strategic options without a deal to sell the bank.
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