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UPDATE 1-Laurentian Bank inks deal to sell assets of retail investment broker division

Reuters
·1-min read

(Adds deal details in paragraphs 2-4)

April 4 (Reuters) - Laurentian Bank said on Thursday it had entered an agreement to sell the assets under administration of its retail full-service investment broker division.

The deal includes the transfer of about $2 billion in assets from Laurentian Bank Securities to iA Private Wealth Inc, a wholly owned subsidiary of iA Financial Group, the lender said.

Quebec-based iA Financial is an insurance and wealth management company with operations in Canada and the United States.

The net proceeds from the transaction, which is expected to close this summer, are not expected to be material to the bank, Laurentian said. (Reporting by Manya Saini and Mehnaz Yasmin in Bengaluru; Editing by Alan Barona)