MONTREAL, Sept. 28, 2016 /CNW Telbec/ - François
Desjardins, President and CEO of Laurentian Bank of Canada (TSX: LB), provided today an update to
employees on the Bank's transformation and growth plan.
"Today, we announced that we will merge fifty branches over the
next eighteen months, while ensuring we continue to provide the
level of service that meets our customers' needs", stated Mr.
Desjardins.
The challenge for Laurentian Bank, as well as for other Canadian
financial institutions, is to develop a winning formula in an
environment in which technology and demographics are rapidly
evolving and in which economic and regulatory frameworks remain
challenging. Continued progress on the transformation plan means
that the Bank must evolve to meet customers' needs particularly as
their transactional habits are changing. These customer behavior
changes, among other things, have led to a reduction in the number
of branch visits, a reality seen across the industry.
The traditional Bank operating model is becoming obsolete. "We
necessarily have to adapt our retail services in light of this
reality to optimize our operating efficiency, while meeting the
changing demands of our customers", he added.
These mergers will lead to a reduction of about three hundred
positions, mainly through natural attrition.
To support our transformation plan, we have chosen to focus our
value proposition on selected attributes through which we wish to
distinguish ourselves. "We want to be recognized for the expertise
of our advisors and our account managers, for the ease of doing
business with us as well as having a simplified product range
complemented by automated transaction services", stated Mr.
Desjardins.
Since the implementation of the Bank's transformation and growth
plan earlier this year, Laurentian Bank has reported significant
progress in the creation of a simpler and more efficient
organization. Among other things, Laurentian has announced that it
will modernize its core banking system to enhance the customer
experience and offer new mobile solutions. It was also announced in
August that all Montreal corporate
offices will locate at one site to achieve substantial savings.
Furthermore, it recently advanced its market specialization
strategy by agreeing to acquire the Canadian equipment financing
and corporate financing activities of CIT Canada, thus increasing
the proportion of revenue generated by the Business services
sector's activities.
"We are confident in achieving our ambitious financial and
growth targets while creating a more efficient and profitable bank
for the benefit of our employees, customers and shareholders",
concluded Mr. Desjardins.
About Laurentian Bank
Laurentian Bank of Canada is a
banking institution whose activities extend across Canada. Founded in 1846, its mission is to
help customers improve their financial health and is guided by
values of proximity, simplicity and honesty.
The Bank serves one and a half million clients throughout the
country and employs more than 3,600 individuals whose talent and
dedication have made it a major player in numerous market segments.
The Bank caters to the needs of retail clients via its branch
network based in Quebec and
Ottawa. The Bank has also earned a
solid reputation among small and medium-sized enterprises and real
estate developers thanks to its specialized teams across
Canada, namely in Ontario, Quebec, Alberta, British
Columbia, Nova Scotia and
Newfoundland. Its subsidiary B2B
Bank is, for its part, a Canadian leader in providing banking and
investment products and services through financial advisors and
brokers, while Laurentian Bank Securities offers integrated
brokerage services to a clientele of institutional and retail
investors.
The Bank has more than $40 billion
in balance sheet assets and $43
billion in assets under administration.
SOURCE Laurentian Bank of Canada