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Laurentian Bank buys $1 bln portfolio from CIT Group: Reuters

Laurentian Bank of Canada (LB.TO) said it would buy CIT Group Inc‘s (CIT.N) Canadian equipment financing and corporate financing business, a portfolio worth about $1 billion (US$772 million).

Laurentian Bank said it expects the deal to be modestly accretive to its adjusted profit in 2017 and boost adjusted earnings by about 4 percent in 2018.

The deal is expected to close in the fourth quarter after which about 140 CIT Canada employees will join the bank, Laurentian Bank said.

(Reporting by Anet Josline Pinto in Bengaluru; Editing by Savio D’Souza)

Photo courtesy of Reuters/Christinne Muschi