Laurentian Bank to Close All Branches on November 6 as Retail Banking Operations Transfer to National Bank

Laurentian Bank customers across Canada are preparing for a major change in their banking services as the Montreal-based financial institution moves forward with its withdrawal from retail and small and medium-sized enterprise (SME) banking operations.

The bank has announced that all its branches will close at 4 p.m. on Friday, November 6, marking a significant transition as its retail and SME banking operations are transferred to National Bank of Canada.

The closure is subject to the successful completion of the migration process. Customers will temporarily lose access to their Laurentian Bank debit cards when the branches close on Friday. However, they are expected to regain access to their accounts using newly issued National Bank debit cards beginning Monday, November 9.

Laurentian Bank credit cards, however, are expected to remain operational throughout the weekend, allowing customers to continue using them during the transition.

The changes follow Laurentian Bank’s broader restructuring strategy, under which it is exiting its traditional retail banking business and concentrating on specialized commercial banking services.

The transition involves two major financial agreements. National Bank is acquiring Laurentian Bank’s retail and small-business banking portfolios, while Fairstone Bank of Canada is acquiring its commercial banking operations in a deal valued at approximately $1.9 billion.

Éric Provost, president and chief executive officer of Laurentian Bank of Canada, described the commercial transaction as an important milestone for the institution, saying it would allow the bank to focus on specialized commercial banking and areas where it can deliver greater value.

Provost said the partnership with Fairstone would strengthen the bank’s position in specialized commercial financing and create opportunities for further business growth.

Meanwhile, National Bank is preparing to welcome Laurentian’s retail and SME customers into its banking network.

Laurent Ferreira, president and chief executive officer of National Bank, said the institution was pleased to welcome the new customers and provide them with access to its digital banking services, financial products, branch network and business banking teams.

The transition is expected to give former Laurentian customers access to National Bank’s broader range of banking services following the migration.

Despite the closure of its retail branches, Laurentian Bank will not disappear entirely from Canada’s financial sector. The institution plans to maintain its specialized commercial banking activities, with its headquarters remaining in Montreal, where it was established more than 180 years ago.

Its continuing operations will include commercial real estate financing, equipment financing and inventory financing through its Northpoint Commercial Finance business, alongside its capital markets activities.

The restructuring represents a major transformation for one of Canada’s long-established financial institutions, which is shifting away from traditional branch-based banking toward a more focused commercial banking model.

For Laurentian customers, the immediate priority will be completing the transition and becoming familiar with their new National Bank banking arrangements. Customers should pay close attention to instructions regarding their replacement debit cards and account access to avoid disruptions during the changeover.

The November 6 branch closures mark the end of an important chapter in Laurentian Bank’s retail banking history as the institution begins a new phase focused on specialized commercial financial services.

Courtesy: ctvnews