Canada's Laurentian Bank buys C$1 billion portfolio from CIT Group

Wed Jun 29, 2016 4:55pm EDT
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(Reuters) - Laurentian Bank of Canada (LB.TO: Quote) said it would buy CIT Group Inc's (CIT.N: Quote) Canadian equipment financing and corporate financing business, a portfolio worth about C$1 billion ($772 million).

Laurentian Bank said it expect 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.

($1 = C$1.30)

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

The logo of Laurentian Bank is seen at its head offices in Montreal, April 1, 2015. REUTERS/Christinne Muschi