June 29, 2016 / 8:57 PM / in 2 years

Canada's Laurentian Bank buys C$1 billion 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 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

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