Laurentian Bank is selling its discount brokerage business to CI Investment Services Inc.
The deal will see 2,050 clients and $250 million in assets under administration (AUA) transferred to CI Direct Trading.
Laurentian did not disclose the terms of the transaction but said it’s not expected to be material to its bottom line. The deal requires regulatory approval and is expected to close by the end of the year.
“The transaction underscores Laurentian Bank’s strategic focus on simplification, in line with its strategic plan to concentrate on areas of business where it can win and be more competitive,” the bank said in a release.
Earlier this year, the bank sold off its full-service retail investment business — which included about 16,000 client accounts and more than $2 billion in AUA — to iA Private Wealth Inc. as part of its effort to strategically reposition the bank.
“This transaction highlights our commitment to the continued growth of our online investment businesses, and to serving Canadians across the full spectrum of wealth management — from self-directed investors to those requiring comprehensive service and advice to meet complex needs,” said Christopher Enright, executive vice-president and co-head of wealth, Canada, with CI Financial, in a release.