Laurentian Bank retail customers are set to transition to National Bank after a split-sale agreement that divides Laurentian’s operations between two buyers. Under the deal, National Bank will take on Laurentian’s retail deposits and loans as well as the small business portfolio, while Fairstone Bank of Canada will acquire the commercial lending operations.
At this stage, the exact timetable for the transfer has not been announced. Natasha Macmillan, an everyday banking expert at Ratehub.ca, advises customers to watch for official notifications by email or mail about changes to their accounts, loans, or other products held with Laurentian. Acquiring banks typically aim to reduce disruption during transitions, since retaining customers and maintaining satisfaction are key objectives.
Macmillan points to the RBC acquisition of HSBC Canada two years ago as an example: most customers were moved automatically to RBC products with little or no action required on their part. Still, she cautions that some product features may change during a takeover. Fee structures, interest rates, account terms and digital features can be adjusted as part of the integration process, so customers should review those details once they receive formal communications.
To prepare for the change, Macmillan recommends customers review their current accounts and financial products. Look at the new bank’s savings and investment options—such as guaranteed investment certificates (GICs), registered accounts like TFSAs, and mortgage offerings—and compare interest rates, fees and features. This is a good moment to confirm whether existing products still meet your needs or whether switching to other institutions or products would yield better outcomes. You do not need to keep all of your financial products with one bank, and a transition can be an opportunity to diversify or consolidate intentionally.
Make sure your banking profile is up to date with your current mailing address, email and phone number so you do not miss important notices about the transfer. Macmillan also warns customers to be vigilant for phishing and other fraudulent communications that often spike during high-profile transitions. Do not share sensitive account credentials in response to unsolicited messages, and verify any request for personal or financial information directly with your bank through official channels.
What customers should do now
- Watch for formal notices by postal mail or from official bank email addresses confirming the timeline and any product changes.
- Review fees, interest rates and account features once the acquiring bank shares new product terms.
- Update your contact information with Laurentian to ensure you receive all communications during the transition.
- Check automatic payments and direct deposits to confirm they will continue uninterrupted or to update payees if needed.
- Be alert for phishing and fraud attempts; verify all requests for personal information through the bank’s official website or customer service number.
- Use the transition as an opportunity to compare alternative products across institutions if you’re not satisfied with the proposed changes.
Deal impact and industry context
Under the agreement, National Bank will assume roughly $10.9 billion in retail loans and deposits and $1.4 billion in small- and medium-enterprise loans and deposits from Laurentian. These additions will expand National Bank’s customer base and assets, adding to its position among Canada’s largest lenders. National Bank, previously the smallest of the Big Six banks, has been growing through acquisitions and recently completed the purchase of Canadian Western Bank.
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About our reporting
MoneySense is an award-winning personal finance publication that has helped Canadians navigate financial decisions since 1999. Our editorial team works with experienced personal finance experts to analyze products and market developments. We evaluate offerings across major banks, credit unions and card issuers to help readers find the best financial solutions for their needs.
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