On March 1, 2000, Laurentian Bank of Canada completed the acquisition of Sun Life Trust Company from Sun Life Assurance Company of Canada for a consideration of approximately $160 million. The Sun Life Trust business is to be integrated with Laurentian Bank’s Agency Banking Division.
Combining the Sun Life Trust deposit base of $1.7 billion with Agency Banking’s existing $2.4 billion deposit base, the transaction will increase the deposit portfolio under Agency Banking’s responsibility to $4.1 billion. Sun Life Trust’s loan portfolio, which is estimated at $1.6 billion, will also be under Agency Banking’s responsibility.
With the acquisition, the Laurentian Bank’s Agency Banking Division, which provides products and services to over 8,000 investment and independent financial advisors, mutual fund dealers, deposit brokers and insurance agents and brokers, will now offer residential mortgage loans as well.
The Laurentian legal team was quarterbacked by in-house counsel Lorraine Pilon, Vice-President, Legal Affairs and Compliance, who called on a team from Ogilvy Renault, comprised of Marc Duquette (corporate/commercial/regulatory), Gail Jaffe (corporate/commercial/competition), Denis Gascon (competition) and their colleagues from the Montreal and Toronto offices (due diligence). The Sun Life Team was led by William Pearson, Legal Counsel, with the assistance of Philip Moore and Barry Fillimore of McCarthy Tétrault.