Laurentian Bank puts itself up for sale, hires advisers to approach other Canadian lenders

is up for sale, with larger rivals now circling the country’s ninth-largest lender in pursuit of a deal that would continue a trend toward consolidation in financial services, sources say.

The Globe and Mail is not naming the sources because they are not permitted to discuss the confidential sale process. Since late June, Laurentian has been in talks with several suitors, according to the four sources. Laurentian has hired JPMorgan Chase & Co. Chase & Co., which ran last year’s sale of HSBC Canada for its British parent, three of the sources said.Founded in 1846, Laurentian has 57 branches and $51-billion of assets, and its core business is commercial loans to clients in Quebec, Ontario and the U.S.

One of the banks considered a potential suitor is Bank of Nova Scotia because it executives have repeatedly said in recent years that it is a priority to expand its operations in Quebec and B.C., two provinces where the Toronto-based bank thinks it is underrepresented, especially in commercial banking.

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