Laurentian Bank of Canada (TSX:LB) has initiated a strategic review that could potentially lead to a sale of the bank.
The review aims to maximize shareholder and stakeholder value, according to the bank, which has hired JPMorgan Chase & Co (NYSE:JPM) to approach potential buyers.
It is suggested that the process began after a rival bank made a bid for Laurentian, according to a report from The Globe & Mail.
The bank said its management team remains committed to executing its strategy and fiscal 2023 priorities during the review.
Laurentian is Canada’s eighth-largest bank by total assets, according to data compiled by Bloomberg, and has a market capitalization of about C$1.5 billion.
Shares of Laurentian gained around 27.8% on Wednesday morning to reach C$42.85 on the Toronto Stock Exchange.
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