MONTREAL, June 6, 2012 /CNW Telbec/ - The Caisse de dépôt et placement du Québec announced a $100-million equity investment in Laurentian Bank. The transaction is part of the banking institution's development plan carried out in part to raise its profile across the country.
Through the Caisse's financing and a well-structured capital deployment strategy, the Bank, led by a solid management team, will continue to grow and enhance its presence in the market. We recall Laurentian Bank announced earlier today the acquisition of AGF Trust.
"Laurentian Bank has been part of the Québec landscape for more than 165 years and has carved out a place in the Canadian financial markets, notably through a subsidiary specialized in banking services distribution. The Caisse is now becoming a partner of this growing bank whose performance will ensure a promising future and attractive returns for our depositors," said Normand Provost, Executive Vice-President, Private Equity at the Caisse.
"We are delighted to be able to count on the contribution of the Caisse de dépôt et placement du Québec as a shareholder of Laurentian Bank," said Réjean Robitaille, President and CEO of Laurentian Bank. "Their support will enable us to continue to deploy our business plan on a pan-Canadian scale, creating long-term value for our investors."
ABOUT LAURENTIAN BANK
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 $30 billion in balance sheet assets and more than $33 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 Cultures™ program presented by Waterstone Human Capital. The Bank employs more than 4,000 people.
ABOUT THE CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
The Caisse de dépôt et placement du Québec is a financial institution that manages funds primarily for public and private pension and insurance plans. As at December 31, 2011, it held $159.0 billion in net assets. As one of Canada's leading institutional fund managers, the Caisse invests in major financial markets, private equity and real estate. For more information: www.lacaisse.com.