The Laurentian Bank of Canada (LBC; french: Banque Laurentienne du Canada, link=no) is a
Schedule 1 bank that operates primarily in the province of
Quebec
Quebec ( ; )According to the Canadian government, ''Québec'' (with the acute accent) is the official name in Canadian French and ''Quebec'' (without the accent) is the province's official name in Canadian English is one of the thirtee ...
, with commercial and business banking offices located in Ontario, Alberta, British Columbia, and Nova Scotia. LBC's Institution Number (or
routing number) is 039.
The institution was established as the Montreal City and District Savings Bank in 1846. Shares for the bank were publicly listed on the
Montreal Stock Exchange
The Montreal Exchange (MX; french: Bourse de Montréal), formerly the Montreal Stock Exchange (MSE), is a derivatives exchange, located in Montreal, Quebec, Canada that trades futures contracts and option (finance), options on equities, indices, c ...
in 1965 and the
Toronto Stock Exchange
The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in t ...
in 1983. In 1987, the institution was renamed the ''Laurentian Bank of Canada''.
It is the only bank in North America to have had a labour union,
some positions becoming unionized in 1967, with the rest of non-managerial positions joining decades later. In 2017, there was a failed attempt by the bank to decertify the
Canadian Office and Professional Employees Union
The Canadian Office and Professional Employees Union (COPE; french: Syndicat canadien des employées et employés professionnels et de bureau, link=no) is a Canadian labour union representing approximately 35,000 white-collar workers, in both the ...
,
[ but a majority of workers voted for union de-certification in March 2021, leading the ]Canada Industrial Relations Board The main responsibility of the Canada Industrial Relations Board (CIRB) is to interpret and administer the Industrial Relations and Occupational Health and Safety sections of the Canada Labour Code. The CIRB also contributes to promote effect indu ...
to revoke the union's certification in April 2021.
History
LBC's history began in 1846 with the founding of the Banque d'Épargne de la Cité et du District de Montréal, or Montreal City and District Savings Bank, by Bishop Ignace Bourget
Ignace Bourget (October 30, 1799 – June 8, 1885) was a Canadian Roman Catholic priest who held the title of Bishop of Montreal from 1840 to 1876. Born in Lévis, Quebec, in 1799, Bourget entered the clergy at an early age, undertook several cou ...
and a group of 15 prominent people from Montreal
Montreal ( ; officially Montréal, ) is the List of the largest municipalities in Canada by population, second-most populous city in Canada and List of towns in Quebec, most populous city in the Provinces and territories of Canada, Canadian ...
, Quebec. The bank's 60 honorary directors included Louis-Hippolyte Lafontaine
Sir Louis-Hippolyte Ménard '' dit'' La Fontaine, 1st Baronet, KCMG (October 4, 1807 – February 26, 1864) was a Canadian politician who served as the first Premier of the United Province of Canada and the first head of a responsible governmen ...
, Louis-Joseph Papineau
Louis-Joseph Papineau (October 7, 1786 – September 23, 1871), born in Montreal, Quebec, was a politician, lawyer, and the landlord of the ''seigneurie de la Petite-Nation''. He was the leader of the reformist Patriote movement before the Lower ...
, and Sir George-Étienne Cartier
Sir George-Étienne Cartier, 1st Baronet, (pronounced ; September 6, 1814May 20, 1873) was a Canadian statesman and Father of Confederation.
The English spelling of the name—George, instead of Georges, the usual French spelling—is explained ...
.
In 1965, the bank listed its shares on the Montreal Stock Exchange
The Montreal Exchange (MX; french: Bourse de Montréal), formerly the Montreal Stock Exchange (MSE), is a derivatives exchange, located in Montreal, Quebec, Canada that trades futures contracts and option (finance), options on equities, indices, c ...
.
In 1974, the bank installed an ATM system called "Bancaide". Primitive by the standards of the following decade, the nonetheless revolutionary machine dispensed cash 24 hours a day.
In 1980, the Montreal City and District Savings Bank obtained the right to expand its operations throughout Canada. This expansion led to the institution listing its shares on the Toronto Stock Exchange
The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in t ...
three years later, and in 1987, the bank was renamed Laurentia
Bank of Canada.
In 1988, after more than a century (1871–1988) at 176 Saint-Jacques Street, the institution's head office moved to McGill College Avenue in Montreal.
In 1993, the bank acquired General Trust Corporation and purchased most of the Société Nationale de Fiducie's assets from the brokerage firm BLC Rousseau, thus creating Laurentian Bank Securities (LBS).
In 2000, it acquired all Sun Life Trust Company stock in a transaction that resulted in the creation of the new B2B Trust subsidiary, now known as B2B Bank.
In 2016, the bank relocated all of its Montreal offices, including its headquarters on McGill College Avenue, into a single building on 1360 Rene Levesque Boulevard West in Montreal.[
In 2020, ]Rania Llewellyn Rania Llewellyn is a Kuwaiti-born Canadian banking executive and the CEO of Laurentian Bank of Canada, Laurentian Bank. She was educated at Saint Mary's University (Halifax), Saint Mary's University and The American University in Cairo and had a 2 ...
was named president and CEO replacing acting CEO Stephane Therrien who had been serving as president and chief executive since Francois Desjardins retired in June 2020.
![CCE Phase II](https://upload.wikimedia.org/wikipedia/commons/8/8d/CCE_Phase_II.jpg)
Mergers and acquisitions
The bank merged with Eaton Trust Company (in 1988), purchased Standard Trust's assets (1991), acquired La Financière Coopérants Prêts-Épargne Inc., and Guardian Trust Company in Ontario (1992), acquired General Trust Corporation in Ontario, and purchased some Société Nationale de Fiducie assets and the brokerage firm BLC Rousseau (1993).
In 1993, the Desjardins-Laurentian Financial Corporation became the new majority shareholder of Laurentian Bank of Canada, following the merging of the Laurentian Group Corporation with the Desjardins Group
The Desjardins Group (french: Mouvement Desjardins) is a Canadian financial service cooperative and the largest federation of credit unions (french: caisses populaires) in North America. It was founded in 1900 in Lévis, Quebec by Alphonse Des ...
. The bank purchased the Manulife Bank of Canada
Manulife Bank of Canada (Operating as Manulife Bank; french: Banque Manuvie du Canada) is a wholly owned subsidiary of Manulife. As a direct bank, it offers high-interest chequing & savings accounts, credit cards, lines of credit and mortgages, i ...
'
banking service
network and the assets of Prenor Trust Company of Canada in 1994.
In 1995, the bank acquired 30 branches of the North American Trust Company.
In 1996, one of its subsidiaries acquired the parent corporation of Trust Prêt et Revenu du Canada. A few months later, the withdrawal of its main shareholder, Desjardins-Laurentian Financial Corporation, prompted the Laurentian Bank to become a Schedule 1 Bank under the Bank Act, on par with all the other large Canadian banks.
In December of 2021, Laurentian Bank announced that they were forming a partnership with Brim Financial. This partnership will help the bank to transform and enhance the customer experience for its suite of Visa
Visa most commonly refers to:
*Visa Inc., a US multinational financial and payment cards company
** Visa Debit card issued by the above company
** Visa Electron, a debit card
** Visa Plus, an interbank network
*Travel visa, a document that allows ...
products. Customers will now have access to digital onboarding and instant adjudication, instant virtual card issuance, mobile wallet
A digital wallet, also known as an e-wallet, is an electronic device, online service, or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services. This ca ...
functionality and a wide range of self serve card management options.
Laurentian Bank and Brim plan to bring the new experience to the market in mid 2022.
Membership
LBC is a member of the Canadian Bankers Association
The Canadian Bankers Association (CBA; french: Association des banquiers canadiens) is a trade association and lobby group representing Canadian banks. Its over 60 members include Canada's Big Five banks, smaller domestic banks, and Canadian sub ...
and registered member with the Canada Deposit Insurance Corporation
The Canada Deposit Insurance Corporation (CDIC; french: Société d'assurance-dépôts du Canada) is a Canadian federal Crown Corporation created by Parliament in 1967 to provide deposit insurance to depositors in Canadian commercial banks and ...
, a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of Interac
Interac is a Canadian interbank network that links financial institutions and other enterprises for the purpose of exchanging electronic financial transactions. Interac serves as the Canadian debit card system and the predominant funds tra ...
.
See also
* List of banks and credit unions in Canada
This is a list of banks in Canada, including chartered banks, credit unions, trusts, and other financial services companies that offer banking services and may be popularly referred to as "banks".
The "Big Five"
Canada's "big five" banks, ...
References
External links
*
{{authority control
Companies listed on the Toronto Stock Exchange
Banks of Canada
Companies based in Montreal
Mortgage lenders of Canada
Banks established in 1846
1846 establishments in Quebec
Canadian companies established in 1846