MONTREAL, March 20, 2012 /PRNewswire/ - During Laurentian Bank's Annual Meeting of Shareholders held today at the Centre Pierre-Péladeau in Montréal, the organization's management presented results for the fiscal year ended October 31, 2011. Fiscal 2011 coincided with the Bank's 165th anniversary, which makes it the third oldest enterprise in Québec. In fact, the Bank also ranks among the 60 largest banking institutions in North America today in terms of total assets.
Dedicated to Proximity Since its Earliest Beginnings
One of the fundamental principles on which Laurentian Bank was founded 165 years ago was to help ordinary people manage their money and motivate them to save. To do so, the Bank made it its duty to know its clients well. This principle remains unchanged today, with the client always serving as the organization's very raison d'être and driving it to continuously strive for excellence in the areas of service and innovation. Thanks to this unparalleled client focus, the Bank has succeeded in building solid and sustainable relations with its clientele, fuelled by its commitment to proximity, to effectively meeting client needs, and to maintaining strong ties based on authenticity and loyalty.
Firmly Rooted in Québec with an Active Presence Across Canada
While Laurentian Bank's retail services activities are concentrated in Québec, the organization has expanded its horizons over the years by creating various business sectors to reach new clients and geographical markets. Today, close to 70% of the institution's profitability is derived from business sectors that have existed for 25 years or less. And although it remains firmly rooted in Québec, close to half of the Bank's profitability is generated by activities outside the province. The organization has total assets in excess of $29 billion, serves more than 1,000,000 clients, and employs close to 4,000 dedicated individuals.
Recognized for its Corporate Culture and Quality of Service
Laurentian Bank's corporate culture has been ranked one of the most admired in Eastern Canada under the banner of a competition held by Waterstone Human Capital. This program recognizes enterprises possessing a corporate culture that helps them improve their performance and sustain their competitive advantage. The Bank has been devoting particular effort for many years to establishing and promoting a corporate culture focused on proximity and simplicity.
Moreover, independent sources have recognized the quality of the Bank's service once again this year. According to the latest J.D. Power survey, Laurentian Bank ranks second among Canada's major banks in terms of retail client satisfaction.
165 and Kicking: Let's Head for the Next Milestone!
"Our business model has proven itself during years of prosperity as it has in periods of uncertainty," underlined Réjean Robitaille, Laurentian Bank's President and CEO, at the Annual Meeting. "And our highly targeted strategy, agile growth and rigorous execution of our plan will help us successfully adapt to the economic context of 2012. We fully intend to pursue our growth and development by maximizing business opportunities in each and every one of our activity sectors."
About Laurentian Bank
Laurentian Bank of Canada is a banking institution operating across Canada and offering its clients diversified financial services. Distinguishing itself through excellence in service, as well as through its simplicity and proximity, the Bank serves individual consumers and small and medium-sized businesses. The Bank also offers its products to a wide network of independent financial intermediaries through B2B Trust, as well as full-service brokerage solutions through Laurentian Bank Securities.
Laurentian Bank is well established in the Province of Québec, operating
the third-largest retail branch network. Elsewhere throughout Canada,
it operates in specific market segments where it holds an enviable
position. Laurentian Bank of Canada has more than $29 billion in
balance sheet assets and more than $32 billion in assets under
administration. Founded in 1846, it has been selected among the Québec and Atlantic Canada regional
winners of the 2011 edition of Canada's 10 Most Admired Corporate
CulturesTM program presented by Waterstone Human Capital. The Bank employs close to
SOURCE LAURENTIAN BANK OF CANADA
Image with caption: "Réjean Robitaille, President and Chief Executive Officer of Laurentian Bank. (CNW Group/LAURENTIAN BANK OF CANADA)". Image available at: http://photos.newswire.ca/images/download/20120320_C5892_PHOTO_EN_11308.jpg