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Laurentian Bank’s head office in Montreal.Christinne Muschi/The Canadian Press
Laurentian Bank of Canada LB-T says it expects to close its deal to be acquired by Fairstone Bank of Canada and have National Bank NA-T takeover its retail and small- and medium-sized banking portfolios on Nov. 1.
The bank announced the date, which is still subject to conditions, after the Canadian Investment Regulatory Organization and the relevant securities regulators approved the deal.
Laurentian says the sign off was the final key regulatory approval needed to complete the transaction.
The federal minister of finance, the Office of the Superintendent of Financial Institutions and the Competition Bureau approved the deal earlier this year.
Under the agreement announced last year, Fairstone is buying Laurentian Bank and its commercial operations for $1.9-billion, while its retail and small- and medium-sized banking portfolios are being acquired by National Bank.
The bank says Fairstone Bank, National Bank and it will work closely together to ensure a smooth transition for customers.