(March 1 – 15:45 ET) – Laurentian Bank of Canada has completed its purchase of all issued and outstanding shares of Sun Life Trust Company. All necessary regulatory approvals having been obtained. The parties closed the transaction in accordance with the agreement signed on December 17, 1999.
The Sun Life Trust business, including its over 100,000 client relationships, will be integrated with Laurentian Bank’s Agency Banking division. Combining the Sun Life Trust deposit base of $1.7 billion with Agency Banking’s existing $2.4 billion deposit base, the transaction will increase the deposit portfolio under Agency Banking’s responsibility to $4.1 billion. Sun Life Trust’s loan portfolio, which is estimated at $1.6 billion, will also be under Agency Banking’s responsibility.
Headquartered in Toronto, Laurentian Bank’s Agency Banking division will integrate Sun Life Trust’s business into its operations. With this acquisition, the division has become a leader in its niche. Agency Banking provides products and services to over 8,000 investment and independent financial advisors, mutual fund dealers, deposit brokers and insurance agents and brokers in Canada.
-IE Staff