Laurentian bank logo on building

Laurentian Bank is selling its full-service retail brokerage division to iA Financial Group for an undisclosed price.

The companies announced a deal that will see the retail full-service division of Laurentian Bank Securities Inc., which includes about 16,000 client accounts and over $2 billion in assets under administration, being acquired by iA Private Wealth Inc. (iAPW).

The firm’s 30-odd advisors will be invited to move to iAPW too.

“This acquisition will support iA Private Wealth’s strong growth and expand its presence,” said Stephan Bourbonnais, executive vice-president, wealth management, with iA Financial, and president and CEO of iAPW, in a release. “We look forward to welcoming these new advisors and helping them continue to secure their clients’ financial future with confidence.”

The transaction is expected to close in the summer, subject to regulatory approval.

Laurentian said the deal is in line with its strategy of focusing on “simplification, and concentrating on areas of business where it can win and be more competitive.”

Also this week, the bank said in a release that Kelsey Gunderson, executive vice-president and head of capital markets, was departing on April 12, to be replaced in the interim by Brian Doyle, chief financial officer of capital markets. Doyle is now acting head, capital markets, and acting president and CEO of Laurentian Bank Securities Inc.

The release also said the bank will unveil its revamped strategic plan later this spring.