MONTREAL, April 2, 2014 /CNW Telbec/ - During Laurentian Bank's Annual Meeting of Shareholders held today at the Monument-National, the Bank's management presented a review of the results posted during the fiscal year ended October 31, 2013, as well as an overview of the strategies that will guide the future actions of its business segments.
Seven Consecutive Years of Record Results
Once again in 2013, the Bank posted solid results. "Our results are attributable to the complementarity and geographic diversity of our activities, the positive impact of our acquisitions and partnerships, our quality of execution, and our highly targeted strategy," underlined Réjean Robitaille, President and CEO of the Bank, during the Annual Meeting. "Laurentian Bank now ranks 36th among the 7,000 or so banks in North America."
Business Services Growing Strong
The Bank's commercial activities, which concentrate on small and medium-sized enterprises and real estate developers, registered strong growth. Over the past five years, commercial loans increased by 85%, exceeding the $5 billion mark in fiscal 2013.
Backed by its specialized teams, the Bank targets business clients operating in certain specific niches, such as renewable energy, agro-food processing, aeronautics, health care services and public-private partnerships, etc. With an aim to expand its line of financing products, the Bank introduced leasing solutions in 2013, becoming the first Québec bank to do so.
Successful Integrations for B2B Bank
During the past fiscal year, B2B Bank concentrated its efforts on the integration of its two acquisitions — MRS Companies and AGF Trust. The employees of B2B Bank and the two acquired companies are all now located in a single office in the heart of Toronto's financial district. In the wake of these acquisitions, total loans and bankers' acceptances grew by 61% to reach $9.0 billion, while assets under administration increased eightfold, rising from $3.5 billion to $28.7 billion. Serving more than 27,000 financial advisors and brokers, B2B Bank is now a pan-Canadian reference in its field recognized for the competitiveness of its products and services.
Constantly Improving Retail Services
Laurentian Bank continued to invest in the modernization of its retail services, with the launch of a new transactional platform on the Internet. The organization also improved its product and service offerings in the investment and Wealth Management. Moreover, the Bank concluded two important partnerships in 2013 with the FADOQ Network and the Réseau des ingénieurs du Québec respectively, which provide it with access to large pools of potential clients. At the same time, the simplification of the sector's methods and processes will enable advisors to devote more of their time to counselling their clients throughout all cycles of their financial life.
Laurentian Bank Securities Affirms Its Position
A key player in fixed income products throughout Canada, Laurentian Bank Securities (LBS) stands out thanks to its solid reputation and its team. With the organization of its first conference for institutional investors focused on small-cap companies, which will be held in Montréal on April 10, LBS is further enhancing its position as a choice firm within the small-cap business niche.
About Laurentian Bank
Laurentian Bank of Canada is a banking institution whose activities extend across Canada. Recognized for its excellent service, proximity and simplicity, the Bank serves one and a half million clients throughout the country. Founded in 1846, the Bank is among the 2014 edition of the Montréal's Top Employers competition, which showcases the city's top 25 companies offering enviable places to work. It currently employs some 3,800 people whose talent and dedication has made it a major player in numerous market segments.
Laurentian Bank distinguishes itself through the excellence of its execution and its agility. Catering to the needs of retail clients via its extensive branch network and constantly evolving virtual offerings, the Bank has also earned a solid reputation among SMEs, larger businesses and real estate developers thanks to its growing presence across Canada and its specialized teams in Ontario, Québec, Alberta and British Columbia. For its part, the organization's B2B Bank subsidiary is a Canadian leader in providing banking and investment products and services to financial advisors and brokers, while Laurentian Bank Securities is an integrated broker that is also widely known for its expert and effective services nationwide. The institution has more than $33 billion in balance sheet assets and more than $39 billion in assets under administration.
Image with caption: "Réjean Robitaille, President and Chief Executive Officer of the Laurentian Bank during the Annual Meeting of Shareholders (CNW Group/Laurentian Bank of Canada)". Image available at: http://photos.newswire.ca/images/download/20140402_C8140_PHOTO_EN_38765.jpg
SOURCE: Laurentian Bank of Canada
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