Laurentian Bank of Canada

Laurentian Bank Financial Group Laurentian Bank of Canada
FormerlyMontreal City and District Savings Bank
Company typePublic
TSX: LB
IndustryBanking
Founded1846
FounderIgnace Bourget
Headquarters
Montreal, Quebec, Canada[1]
Area served
Canada
Key people
Éric Provost (President & CEO)
Products
  • Personal and commercial banking products
  • brokerage
Services
RevenueDecrease Can$1.03 billion (2023)[2]
Decrease Can$181 million (2023)[2]
AUMDecrease Can$3.02 billion (2023)[2]
Total assetsDecrease Can$49.89 billion (2023)[2]
Total equityIncrease Can$2.86 billion (2023)[2]
Number of employees
3,000 (FTE, 2023)[2]
Divisions
  • Laurentian Bank of Canada
  • B2B Bank
  • Laurentian Bank Securities
  • LBC Capital
  • LBC Financial Services
Websitelaurentianbank.ca

The Laurentian Bank of Canada (LBC; French: Banque Laurentienne du Canada) is a Schedule 1 bank that operates primarily in the province of Quebec, with commercial and business banking offices located in Ontario, Alberta, British Columbia, and Nova Scotia.[3] LBC's Institution Number (or routing number) is 039.

The institution was established as the Montreal City and District Savings Bank in 1846. The bank's shares were publicly listed on the Montreal Stock Exchange in 1965 and the Toronto Stock Exchange in 1983. In 1987, the institution was renamed the Laurentian Bank of Canada.

It is the only bank in North America to have had a labour union, some 1,100 positions becoming unionized in 1967,[4] with the rest of non-managerial positions joining decades later. In 2017, there was a failed attempt by the bank to decertify the Canadian Office and Professional Employees Union,[5] but a majority of workers voted for union decertification in March 2021, leading the Canada Industrial Relations Board to revoke the union's certification in April 2021.[6][7]

  1. ^ "Laurentian Bank of Canada relocates its Montreal offices and takes up residence at 1360 Rene-Levesque Boulevard West" (PDF) (Press release). Laurentian Bank of Canada. 8 August 2016. Retrieved 2 December 2019.
  2. ^ a b c d e f "2023 Annual Report" (PDF). Laurentian Bank of Canada Investor Relations. Retrieved 10 December 2023.
  3. ^ "2015 Annual Report" (PDF). Archived from the original (PDF) on 21 January 2022. Retrieved 16 September 2019.
  4. ^ [1], Lowe, G. S. (1981). Causes of Unionization in Canadian Banks. Relations Industrielles / Industrial Relations, 36(4), 865–893.
  5. ^ Zochodne, Geoff (5 September 2018). "Laurentian is the only North American bank with a labour union – and it's clouding their outlook". Financial Post. Toronto. Retrieved 13 November 2021. An impasse with the union has bogged down the bank's plan to have branches focus on offering financial advice, as well as move customers towards online banking.
  6. ^ "Canada Industrial Relations Board (CIRB) revokes union certification at Laurentian Bank". Financial Post. Toronto. 21 April 2021. Retrieved 16 December 2021.
  7. ^ Arsenault, Julien (22 April 2021). "Après plus de cinq décennies, il n'y a plus de syndicat à la Banque Laurentienne" [After more than five decades, no more union at Laurentian Bank]. Le Devoir. Montreal. Retrieved 6 September 2023.