Canada Laurentian Bank names Rania Llewellyn as next CEO, marking a first for major Canadian lenders

02:41  21 october  2020
02:41  21 october  2020 Source:   msn.com

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Laurentian Bank Financial Group is a diversified financial services provider whose mission is to help customers improve their financial health. We provide a broad range of advice-based solutions and services to business, retail and institutional customers.

Laurentian Bank of Canada said Francois Desjardins is stepping down as president and chief executive officer of the Montreal-based lender . , ‘The bank remains in a strong position,’ chairman says. Stephane Therrien is named interim president and CEO .

Laurentian Bank of Canada on Tuesday named former Bank of Nova Scotia executive Rania Llewellyn as its next CEO, an appointment that Montreal-based Laurentian says will make Llewellyn the first woman to lead a major Canadian bank.

Llewellyn will take over as president and chief executive officer of Laurentian, as well as join its board of directors, on Oct. 30, the bank said in a press release.

“I am thrilled and honoured to join the Laurentian Bank at this critical juncture in its storied history and want to thank the Board for its confidence in me,” Llewellyn said in the release. “This is a really exciting time for our industry, with rapidly changing customer expectations driven by new technologies and broader macro-economic uncertainties that are affecting our customers every day.”

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Canadian banks are amazing. They have outperformed the Canadian market for the past 5, 10, 15, probably 25 years. So here's my Canadian banks ranking - from number six to one - for the next 20 years. Let me tell you upfront: Laurentian Bank and Canadian Western Bank are not part of the list.

The Laurentian Bank of Canada and its entities are collectively referred to as Laurentian Bank Financial Group (the “Group” or the “ Bank ”) and provide deposit Measures to improve efficiency leading to a reduction of headcount by approximately 10% or 350 employees over the next 12 months.

a man wearing a suit and tie smiling at the camera:  Laurentian Bank of Canada’s incoming CEO Rania Llewellyn © Laurentian Bank of Canada Laurentian Bank of Canada’s incoming CEO Rania Llewellyn

Llewellyn’s appointment comes at a challenging time for Laurentian, Canada’s seventh-biggest bank.

The nearly 175-year-old lender had been searching for a permanent CEO since June, when the retirement of its previous chief executive, François Desjardins, was announced following disappointing second-quarter earnings and a 40-per-cent cut to the lender’s dividend. Stéphane Therrien, Laurentian’s then-executive vice-president, personal and commercial banking, was appointed Desjardins’ interim successor.

Desjardins had launched a seven-year overhaul of Laurentian’s operations during his time in charge, with the lender spending on its technology and converting its physical branches into advice-only outlets. However, Laurentian’s performance disappointed investors over that stretch — which also saw the bank deal with mortgage documentation issues and contentious contract talks with its unionized workforce — and the onset of the coronavirus pandemic left it anticipating further delays to the strategic plan.

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Although the Laurentian Bank of Canada has been operating primarily out of Quebec since their start in 1846, they also offer online banking and have branches, real estate offices, and business service locations in all of Canada ’s major provinces.

June 15 (Reuters) - Laurentian Bank of Canada said on Monday Chief Executive Officer François Desjardins will retire after 29 years with the company, effective June 30. The lender said its board has established a special committee to immediately undertake the search for a new president and CEO .

“Rania Llewellyn is the right leader to usher in a new era at Laurentian Bank,” said Michelle Savoy, a Laurentian director who headed the CEO search committee, in the release. “Following a rigorous search process, we are confident she is the change agent this bank needs to address the headwinds it faces and to establish a foundation for future growth and success. In addition, we are proud to have the first woman CEO in the history of major Canadian chartered banks.”

Canada’s Big Six banks all have men as their chief executives, although the Canadian arm of Britain’s HSBC Holdings Plc is led by Linda Seymour, who succeeded Sandra Stuart as HSBC Bank Canada’s chief executive in September.

Llewellyn spent more than 25 years at Scotiabank, most recently as its executive vice president of global business payments. While at Scotiabank, Llewellyn also led the diversity and inclusion office for its global banking and markets unit and served as a member of the lender’s “Executive All Bank Inclusion Council,” Laurentian said.

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More details. Close. Laurentian Bank Of Canada (LB). LB User Rankings. Users ranking according to the performance of their sentiments for the Laurentian Bank Of Canada stock.

The governments of the major industrial economies successfully pursued macroeconomic policies, in the search of full and stable employment. These comfortable conditions no longer exist, and business must be prepared to respond to constant changes and fluctuations in all these variables, as well as

According to the biographical details provided by Laurentian, Llewellyn was born in Kuwait and immigrated to Canada from Egypt in 1992. She has a bachelor of commerce degree, MBA and an honorary doctorate from Saint Mary’s University in Halifax.

“I recognize, respect and celebrate the Laurentian Bank’s deep roots and rich history in Quebec and I am committed to always putting our customers first in everything we do,” she added in the press release. “I look forward to working with my new colleagues across Canada and in the U.S. to develop a strategy for long-term growth and success that meets the needs and expectations of all our stakeholders.”

National Bank Financial analyst Gabriel Dechaine said in a note to clients on Tuesday that the external hire by Laurentian could bring some welcome change to the lender.

“We believe LB needs a fresh face to lead the bank out of several years of sub-par performance, along with several strategic and operational mishaps,” Dechaine wrote. “We also believe a new CEO will have more flexibility to take dramatic action to put the bank on more solid footing during the current downturn and into the future.”

• Email: gzochodne@nationalpost.com | Twitter: GeoffZochodne

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This is interesting!