National Bank of Canada to acquire Laurentian Bank's retail and SME banking sector

On December 2, 2025, National Bank of Canada ("National Bank") entered into a definitive asset purchase agreement to acquire certain assets and assume certain liabilities related to Laurentian Bank of Canada's retail and SME banking sector. As at July 31, 2025, retail loans and deposits totalled approximately C$3.3 billion and C$7.6 billion, while SME loans and deposits totalled approximately C$800 million and C$600 million. The transaction also includes the assumption of a distribution agreement for mutual funds totalling approximately C$3.4 billion.

The Retail/SME Transaction will close immediately prior to Fairstone Bank’s acquisition of Laurentian Bank, subject to regulatory approvals and customary conditions, and is expected to close by late 2026. This transaction forms part of Laurentian Bank’s broader restructuring, which includes its acquisition by Fairstone Bank.

McCarthy Tétrault LLP is advising National Bank with a team led by Patrick Boucher that includes Fraser Bourne, Hadrien Montagne, Isabelle Nazon, Laurence Cromp-Lapierre, Laura Fabi, Thierry Côté, Sheema Rezaei, Brianna Bernhardt, Annie Poirier-Simard, and Samantha Morel (M&A, Capital Markets); Dominic Thérien, Michael Caldecott, and Benjamin Brown (Competition); John W. Boscariol and Jonathan Leung (Trade and Sanctions); Robert Richardson, Sandra Mollet, Vanessa Johnson, and Shalini Mudiyanselage (Regulatory Banking); Sonia J. Struthers, Sean Sadler, Daanish Pasricha, Jean-Jerry Anty, Christopher Yam, and Ruo Lan Wang (Regulatory Securities); Marjolaine Hémond Hotte, François Dupuis, François Gilbert, Michel Deschamps, Jo-Anna Brimmer, Juliana Smith, Antoine Lebrun, Vincent Leduc, and Bronté Anderson (Banking & Securitization, Financial Services); Alexandre Buswell, Francis L. Racine, and Loïc Turner (Labour & Employment); Marie-Soleil Landry, Simon Douville, Geneviève Lille, and François-Xavier Beaudry (Tax); Véronique Wattiez-Larose, Eugen Miscoi, Jonathan Adessky, and Jerry Lan (Intellectual Property, Privacy & Technology); and Annie Gagnon-Larocque, Michael Kershaw, and Mary Pagonis (Mortgages and Real Estate).