02:02 PM EDT, 10/29/2024 (MT Newswires) -- Laurentian Bank (LB.TO) on Tuesday said its LBC Capital and Northpoint Commercial Finance subsidiaries are uniting under one brand, Northpoint Commercial Finance, as of November 1.

Northpoint Commercial will be led by Dan Radley as chief executive, and will report to Laurentian CEO Eric Provost.

According to the statement, combining the two lending platforms will position Northpoint as a top provider in equipment financing in Canada and inventory financing in Canada and the U.S, with a portfolio of $5.5 billion.

"Merging these two divisions is in line with our Commercial Banking and overall business strategy and a proof point of our simplification roadmap," said Provost. "We believe there are many opportunities for growth in the specialized lending market, as presented at our Investor Day on May 31, 2024, and are looking forward to deepening our strong relationships and creating new ones with partners and customers across North America."

Laurentian was last seen down $0.33 to $26.25 on the Toronto Stock Exchange.

Price: 26.27, Change: -0.31, Percent Change: -1.17