Laurentian Bank of Canada on Thursday named Raymond McManus president and chief executive, effective August 1.

McManus, who has been a Laurentian Bank board member for the past 14 years, succeeds outgoing chief executive and president Henri-Paul Rousseau, who was recently named chairman and chief executive of Caisse de depot et placement by the Quebec government.

McManus was also named to the position of president and CEO of B2B Trust.

A career banker, McManus worked at the Royal Bank of Canada from 1960 to 1978 before moving to the Mercantile Bank of Canada, where he held several positions from 1978 to 1986, notably, senior vice president, Eastern region, from 1983 to 1986.

In 1986 he founded and until now headed Cafa Financial Corp., a private investment banking firm specializing in mergers and acquisitions, corporate financing, real estate and corporate investments.

“The board was looking for a leader who knew the bank well, shared its entrepreneurial culture and had a strong banking background,” said chairman of the board, Jon Grant.

The chairman of B2B Trust, Jean Bazin, was also very pleased with this appointment. “Mr. McManus’ competence is well-known to the members of the board. We believe that the company can greatly benefit from his arrival as President and CEO.”

“I am thrilled about this new mandate. My goal is for the Laurentian Bank and B2B Trust to realize their full potential in the best interest of the shareholders, customers and employees of both institutions,” said McManus.

The current president and CEO of the bank and B2B Trust, Henri-Paul Rousseau, will step down on August 1, but will remain on staff until August 31 in an advisory capacity to the new president.