National Bank of Canada acquires Laurentian Bank's retail and SME banking portfolios
On November 2, 2026, National Bank of Canada ("National Bank") announced the completion of its previously announced acquisition of Laurentian Bank of Canada's ("Laurentian Bank") retail and SME banking portfolios. The acquisition was made under a definitive asset purchase agreement entered into on December 2, 2025. As part of the transaction, National Bank, directly and through certain of its affiliates, purchased certain assets and assumed certain liabilities related to Laurentian Bank of Canada’s retail and SME banking portfolios. Based on the valuation methodology set out in the definitive agreement, these assets and liabilities were valued at approximately C$3.7 billion and C$8.0 billion, respectively (the “Retail/SME Transaction”).
The Retail/SME Transaction was conditional upon the closing of the acquisition by Fairstone Bank of Canada ("Fairstone Bank"), through a wholly owned subsidiary, of all of Laurentian Bank's issued and outstanding common shares for $40.50 per common share in cash (the “Acquisition Transaction”). The closing of the Retail/SME Transaction occurred immediately prior to the closing of the Acquisition Transaction on November 1, 2026.
National Bank will soon welcome new retail and SME clients and provide them with access to National Bank’s full range of digital services, an expanded suite of financial products, its branch network and its business banking teams. Laurentian Bank will now continue as a specialized commercial bank under Fairstone Bank’s ownership.
McCarthy Tétrault LLP advised National Bank with a team led by Patrick Boucher that included Fraser Bourne, Hadrien Montagne, Laurence Cromp-Lapierre, Isabelle Nazon, Suzie Cusson, Laura Fabi, Philippe April, Janie L.-Roy, Simon Plante, Stéphanie Beaudoin, Thierry Côté, Samantha Morel, Sheema Rezaei, Kevin Gao, Brianna Bernhardt, Vincent Leduc (Business), Véronique Wattiez Larose, Jonathan Adessky, Eugen Miscoi, Karen Chow (Intellectual Property), Robert Richardson, Sandra Mollet, Vanessa Johnson, Christine Ing, Michael McConnell, Jo-Anna Brimmer, Juliana R. Smith (Banking and Financial Institutions Regulatory), Richard O'Doherty, Marjolaine Hémond Hotte, Michel Deschamps, Eve Tessier, Antoine Lebrun, Bronté Anderson, Grace Nguebou (Financial Services), Candace Pallone (Derivatives), Alexandre Buswell, Francis Racine, Tim Lawson, Myriane Le François, Ziad Shanab, Loïc Turner (Labour and Employment), Sonia Struthers, Sean Sadler, Daanish Pasricha, Ruo Lan Wang (Financial Institutions Regulatory), Dominic Thérien, Jason Gudofsky, Michael Caldecott, Alykhan Rahim, Benjamin Brown (Competition/Antitrust & Foreign Investment), Marie-Soleil Landry, Simon Douville, Geneviève Lille, Al-Nawaz Nanji, Leonard Nesbitt, Hubert Cadotte, Alexandra Carbone, Nigel Johnston, François Xavier Beaudry, Quinn Finlay (Tax), John Boscariol, Jonathan Leung, Shalini Mudiyanselage (Sanctions), Annie Gagnon-Larocque, Michael Kershaw, Craig Shirreff, Mary Pagonis, Joannie Jacques (Real Property and Planning), François Giroux (Litigation) and Annie Poirier-Simard (Securities Paralegal).
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Hadrien MontagnePartner | Quebec Region Business Law Group Practice Lead
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Robert J. Richardson, CDPartner l Co-Head, Governance & Sustainability
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Tim LawsonPartner | National Practice Group Lead for Labour & Employment
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Jason GudofskyPartner | Head, Competition/Antitrust & Foreign Investment
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Marie-Soleil LandryPartner | Tax Group Regional Practice Lead - Montréal
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John W. BoscariolPartner | Co-Head, International Trade and Investment Law
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Annie Gagnon-LarocquePartner | Real Estate Practice Lead (Quebec Region)
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Craig ShirreffPartner | Real Estate Practice Lead (British Columbia Region)
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