Laurentian Bank clients will soon have to change how they access their accounts after the financial institution confirmed it was withdrawing its retail and small and medium-sized enterprise (SME) operations. As a result, all its branches are set to close their doors on Friday, Nov. 6 at 4 p.m., “subject to the successful migration of retail and SME banking operations to National Bank.” Clients will lose access to their debit cards at that time, but are expected to regain entry with their new National Bank debit cards on Monday, Nov. 9. Laurentian Bank credit cards are set to remain active throughout the weekend. READ MORE: This comes after Laurentian Bank confirmed that its commercial operations were being acquired by Fairstone Bank of Canada for $1.9 billion. “This important milestone marks the beginning of a new chapter for our organization and reinforces our position as a specialized commercial bank, allowing us to build on our strengths and focus on the areas where we can create the greatest value,” said Éric Provost, president and Chief Executive Officer (CEO) of Laurentian Bank of Canada. “By combining our strengths with those of Fairstone Bank, we will be well-positioned to further grow our specialized commercial banking business.” Meanwhile, National Bank is set to take over its retail and small- and medium-sized banking portfolios. “We are pleased to welcome new retail and SME clients shortly and provide them with access to National Bank’s full range of digital services, an expanded suite of financial products, our branch network and our business banking teams,” said Laurent Ferreira, president and CEO of National Bank. Representatives with Laurentian Bank noted that the financial institution plans to continue carrying out “specialized business activities,” with its head office remaining in Montreal, “where the bank was founded over 180 years ago.” These include commercial property finance, equipment finance and inventory finance activities under the Northpoint Commercial Finance banner, as well as its capital markets operations. The bank said it has already sent information on the migration to its affected customers. Anyone with questions is encouraged to contact Laurentian Bank at 1-866-499-4886 or visit the National Bank website.
