MONTREAL, Que, — Laurentian Bank of Canada announced today that it has completed the acquisition of CIT Group, which has a portfolio valued at approximately $1 billion.
This acquisition was first announced at the end of June of this year. As stated at that time, the equipment financing activities would be regrouped under a new national subsidiary called LBC Capital Inc., which is being launched today.
“We are pleased to welcome the CIT Canada employees whose expertise and well-established business relationships are complementary to our internal expertise. This will allow us to accelerate the development of our service offering to Canadian businesses,” said Stéphane Therrien, executive vice-president, Personal and Commercial Banking, at Laurentian Bank.
“I am also pleased to announce the appointment of Eric Provost, senior vice-president, Commercial Banking as President of LBC Capital Inc,” he added. “During the course of his career, Eric has demonstrated strong leadership skills and we are convinced that he will successfully propel LBC Capital’s development while continuing to deliver strong profitable growth for our Commercial banking sectors.”
Laurentian Bank said that this acquisition is in line with its transformation plan to increase the percentage of loans to business customers and expand its presence across Canada. It added that it is planning a smooth and seamless process for customers, employees, distributors and local dealers.