Laurentian Bank announces an agreement in principle with its employees for the renewal of the collective agreement

    MONTREAL, Oct. 31 /CNW Telbec/ - Laurentian Bank and the Canadian Office
and Professional Employees Union (COPE), Local 434 (COPE-CLC-QFL), which
represents the company's unionized employees, are very pleased to announce
that Laurentian Bank's employees have accepted the terms of an agreement in
principle between the Bank and the Union. The new collective agreement is for
four years and will be effective January 1, 2008.
    "We are very happy to announce today that we have agreed on the terms of
the upcoming collective agreement even before the expiry of the existing one.
This new agreement is perfectly in line with the Bank's human capital
priorities," said Réjean Robitaille, President and CEO of Laurentian Bank.
"This is a historic moment for the Bank-one that confirms the quality of
labour relations within the organization," he added.
    The President of the Canadian Office and Professional Employees Union at
Laurentian Bank, Daniel Larose, said, "Laurentian Bank's unionized employees
voted in favour of the agreement in principle. This agreement shows that we
are able to work together, and I hope, going forward, that the parties can
continue in this same direction."
    The agreement provides annual increases of 2.5% for 2008 and 2009, and 3%
for 2010 and 2011, for most unionized employees, as well as annual periodic
adjustments ranging from 1.5% to 3%, on average, depending on the types of
positions and performance evaluation, for 2008 to 2011 inclusive. The new
agreement will also contain amendments to the employees' pension plan and
group insurance.

    Laurentian Bank of Canada is a Quebec banking institution operating
across Canada, dedicated to meeting the financial needs of its clients through
the excellence of its service, its simplicity and its proximity. The Bank
serves individual consumers, small and medium-sized businesses as well as,
through B2B Trust, financial advisors. It also provides full-service brokerage
solutions through the Laurentian Bank Securities subsidiary. Laurentian Bank
is well established in the Province of Quebec, operating the third largest
retail branch network, and is a performing player in specific market segments
elsewhere in the country. Laurentian Bank of Canada has over $17 billion in
balance sheet assets and $15 billion in assets under administration. Founded
in 1846, the Bank employs more than 3,000 people. Its common shares are listed
on the Toronto Stock Exchange (TSX: LB). For more information, please visit
    Laurentian Bank employees have been unionized since 1967. The Canadian
Office and Professional Employees Union (COPE) is the union representing the
largest number of financial institution unionized employees in Quebec. COPE is
affiliated with the Québec Federation of Labour, which is the largest union
federation in Quebec, representing some 550,000 employees.

For further information:

For further information: Gladys Caron, Vice-President, Public Affairs,
Investor Communications and Relations, Laurentian Bank, (514) 284-4500,
extension 7511, Cell: (514) 893-3963,;
Daniel Larose, Canadian Office and Professional Employees Union, (514)
522-0434, Cell: (514) 592-1037,

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Laurentian Bank of Canada

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