Laurentian Bank and Industrial Alliance Insurance and Financial Services Inc. have completed the transfer of shares of BLC-Edmond de Rothschild held by Laurentian Bank and by La Compagnie financière Edmond de Rothschild Banque to Industrial Alliance.

The transaction includes the payment of an initial amount of $69 million on December 31, 2004, and a final amount of $8 million at the end of the fifth year. The initial amount is subject to a recovery clause that can reach up to $28 million over the first five years, if certain conditions are not fulfilled. The final amount is also subject to certain conditions.

Laurentian and Industrial Alliance have also concluded a 10-year exclusive distribution agreement. Under this agreement, Laurentian will distribute the “R Funds” family acquired by Industrial Alliance to the bank’s clients, along with the Industrial Alliance mutual funds. Laurentian will distribute all of the funds of these two families to its customers free of charge within its network.