September 2, 2011 / 1:33 PM / 7 years ago

UPDATE 1-Laurentian Bank Q3 rises, unveils Mackenzie deal

* Q3 EPS C$1.34 versus C$1.19 expectations

* Unveils deals to distribute Mackenzie mutual funds

* B2B Trust to acquire MRS Cos from Mackenzie

* Deal with Mackenzie to be accretive as early as 2012

TORONTO, Sept 2 (Reuters) - Laurentian Bank (LB.TO) said on Friday net income rose 17 percent in the third quarter as loan losses fell, boosting earnings per share to C$1.34, above analysts’ expectations.

    In addition, Laurentian Bank and Mackenzie Financial Corp, a subsidiary of IGM Financial Inc (IGM.TO), said they have reached a deal under which B2B Trust, a subsidiary of Laurentian Bank, would buy the MRS Companies in a share purchase transaction.

    The transaction is expected to close in November 2011 and be accretive to earnings as early as next year. (Reporting by Andrea Hopkins; editing by Janet Guttsman)

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below