Newspaper article The Canadian Press

Laurentian Bank to Acquire Canadian Arm of CIT Group

Newspaper article The Canadian Press

Laurentian Bank to Acquire Canadian Arm of CIT Group

Article excerpt

Laurentian Bank to acquire part of CIT Group

--

MONTREAL - Laurentian Bank of Canada (TSX:LB) has reached an agreement with New York-based CIT Group Inc. to acquire its Canadian equipment financing and corporate financing activities.

The Montreal-based bank didn't announce the full purchase price but did say it would pay for part of the acquisition through a $135-million financing, announced separately.

The purchase is scheduled to close in the final quarter of 2016, subject to customary closing conditions.

CIT Canada, based in Burlington, Ont., operates primarily in the equipment and corporate finance sectors. Its portfolio under management is worth about $1 billion.

Once the deal is closed, about 140 employees of CIT Canada will join the bank in a new subsidiary to be called LBC Capital. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.