Fairstone Buys Laurentian Shares; National Bank Takes Assets
Laurentian Bank of Canada completed a two-part sale on November 1, 2026, dividing its operations between two buyers.
Updated on Nov. 3, 2026 in Financial Services
Fairstone Bank of Canada acquired all of Laurentian's common shares at $40.50 per share, while National Bank of Canada assumed roughly $8 billion in liabilities and acquired about $3.7 billion in assets from Laurentian's retail and SME banking portfolios. The transactions were first announced in December 2025.
Why it matters
The split routes Laurentian's broker-facing subsidiary, B2B Bank, to Fairstone while National Bank absorbs retail and small and medium-sized business clients, reshaping how one of Canada's oldest listed banks serves customers. The restructuring also ends Laurentian's run as an independent listed institution, which had lasted about 180 years since its founding in 1846.
Fairstone paid $40.50 per share for roughly $1.9 billion in common equity, while National Bank took on about $8 billion in liabilities against $3.7 billion in acquired assets. The source does not report how these figures compare with Laurentian's earlier valuations or market price history.
The players
Fairstone Bank of Canada
Fairstone focuses on residential and commercial mortgages, consumer deposits, auto and retail financing, and personal loans, and it now owns Laurentian's common shares and B2B Bank.
National Bank of Canada
National Bank is one of Canada's largest chartered banks, reporting $553 billion in assets as of July 31, 2025, and it took on Laurentian's retail and SME liabilities and assets.
Laurentian Bank of Canada
Laurentian, founded in 1846, is the Montreal-linked bank whose common shares were acquired and whose operations were divided between Fairstone and National Bank.
The details
Fairstone Bank of Canada, which merged with Home Trust Company in January 2025, acquired Laurentian's common shares, and B2B Bank now operates as a wholly owned Fairstone subsidiary serving approximately 27,000 financial advisers and mortgage brokers across Canada. National Bank of Canada separately assumed the liabilities and acquired the assets tied to Laurentian's retail and SME banking portfolios.
Timeline
December 2025: Transactions first announced.
January 2025: Fairstone and Home Trust merger completed.
November 1, 2026: Two-part sale transactions closed.
November 3, 2026: Laurentian common shares expected to be delisted from the Toronto Stock Exchange at market close.
Market Landscape
Fairstone's acquisition of Laurentian follows its January 2025 merger with Home Trust Company, extending a pattern of consolidation among mid-sized Canadian lenders. The deal places Fairstone alongside National Bank in a split that reflects how larger banks are absorbing portions of smaller institutions' books.
Retail and small business clients of Laurentian's former banking portfolios will be served by National Bank, which plans to welcome new clients shortly. Financial advisers and mortgage brokers who used B2B Bank will now deal with a Fairstone subsidiary.
The takeaway
The restructuring shows how a single listed bank can be divided between two buyers, with brokers and commercial clients moving to one institution and retail and SME clients to another. Clients of either segment should confirm their new service arrangements as the transfers take effect.
What happens next
Laurentian's common shares are expected to be delisted from the Toronto Stock Exchange at market close on November 3, 2026, and the restructured Laurentian will operate as a Fairstone subsidiary focused on commercial real estate, inventory, and equipment financing with emphasis on Québec.
Further reading
For more on how these changes affect the sector, see Financial Services coverage across Canada.
