(February 5 – 15:35 ET) – Laurentian Bank of Canada, B2B Trust and Canada Post Corp. today announced the signing of an agreement in principle that will see Canada Post offer deposit services to Laurentian Bank and B2B Trust clients.

Canada Post will offer the services in areas and towns of the country where Laurentian and B2B don’t have branches or automated banking machines.

The agreement specifically covers deposit services, including the modification of personal identification numbers, signature verification and deposit management.

The agreement will allow Laurentian Bank and B2B Trust to expand their presence in Canada, in particular Ontario and Western Canada, and offer services to retail and commercial clients.

“With this agreement, Canada Post is fulfilling its goal to improve its services in communities across the country, making the post office a destination of choice for all types of services,” said André Ouellet, president and CEO, Canada Post. “We will increase the operational effectiveness of our offices while generating new revenues.”

“The Canada Post network will allow us to serve all clients of the Bank, and of its subsidiaries and partners, throughout Canada,” said Henri-Paul Rousseau, president and CEO of Laurentian Bank and B2B Trust. “It is an effective way — preferable to expanding our ABM network — to deliver personalized services in parts of the country where we currently lack a physical presence.”

Under the planned agreement, over the next three years, as many as 1,000 Canada Post offices may provide the deposit services, supplementing Laurentian Bank Group’s branch, ABM and Internet-based network. A three-month pilot project involving 50 Canada Post offices will be launched in May to ensure the new services will be implemented and deployed smoothly.
-IE Staff