LaurentianBank of Canada completed its acquisition of the Canadian equipment financing andcorporate financing activities of CIT Group Inc.
Pursuant to the completion of the transaction, the bank isregrouping its equipment financing activities under a new national subsidiarycalled LBC Capital Inc., set to be launched Oct. 3. Eric Provost, who previouslyworked as senior vice president of commercial banking, will now serve aspresident of LBC Capital.
Additionally, Laurentian Bank's 3,247,600 subscriptionreceipts were, in accordance with their terms, automatically settled on aone-for-one basis for common shares of the bank and are expected to beimmediately halted from the Toronto Stock Exchange and de-listed after marketsclose.
The acquisition is part of Laurentian Bank's plan toincrease the percentage of loans to business customers and expand its presenceacross Canada, according to a news release.