(September 16 – 13:00 ET) – The
Laurentian Bank of Canada and
Sun Life of Canada have
signed a Letter of Intent.
Laurentian is seeking to take over
the Sun Life Trust Company.
The letter of intent involves
acquisition of the deposit
portfolio, currently valued at
approximately $1.7 billion, and a
mortgage portfolio currently
valued at approximately $1.6
billion, says Laurentian.
Upon completion of the
transaction, which is still subject
to approval by regulatory
authorities, the Laurentian Bank of
Canada will have built its assets
to a total of approximately $15
billion.
Both parties are also discussing
the possibility of an arrangement
to develop a joint marketing
strategy for financial products
and services.
The transaction is expected to
close in early 2000. The
integration of operations is
expected to be finalized in the
spring of 2000.
Sun Life Trust Company is
a wholly owned subsidiary of Sun
Life Assurance Company of Canada
and provides a broad range of
financial services. Sun Life
Assurance Company of Canada, which
commenced business in 1871, is a
diversified global financial
services company with total
assets under management of $266
billion and a surplus of $5.8
billion. The company’s worldwide
staff of more than 10,000
employees, together with more than
65,000 agents and distributors,
offers financial products to
individuals and groups through
operations in Canada, the United
States, the United Kingdom, Hong
Kong, the Philippines, Indonesia,
India, Australia, Bermuda and
Chile.
-IE Staff
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