04:42 PM EDT, 04/04/2024 (MT Newswires) -- Laurentian Bank (LB.TO) on Thursday said it reached an agreement to sell assets under administration of Laurentian Bank Securities' retail full-service investment broker division to iA Private Wealth Inc. (iAPW), a wholly owned unit of Industrial Alliance Insurance and Financial Services (IAG.TO), one of the largest insurance and wealth management groups in Canada.

According to a statement, this transaction includes the transfer of approximately $2 billion in assets under administration from Laurentian Bank Securities to iAPW. The transaction is anticipated to close this summer, subject to required regulatory approvals.

Laurentian said net proceeds from the transaction are not expected to be material to the Bank. It added the transaction supports its "strategic focus on simplification, and concentrating on areas of business where it can win and be more competitive".