Laurentian gobbles up Scotiabank branches

Laurentian Bank has agreed to purchase 43 branches of Scotiabank in Quebec, pending regulatory approval.

"With this acquisition, Laurentian Bank of Canada strengthens its retail banking position throughout the Province of Quebec," Laurentian CEO Henri-Paul Rousseau said in a statement.

"Increasing the number of branches enables us to augment our client base, to benefit from their competent personnel and to become a leader in the Quebec market."

The $454 million-deal would boost Laurentian's branches from 132 to 175.

Rousseau says the move will make his bank more efficient. He pledged to keep customers informed throughout the process.

He did not specify the exact numbers of employees that would be affected, but said the majority of Scotiabank workers would be offered jobs.

Laurentian has assets of $15 billion with 3,400 employees.