Laurentian Bank of Canada will retain its headquarters in Montreal as part of the deal. Photo by THE CANADIAN PRESS/Ryan Remiorz

Alternative lender Fairstone Bank of Canada is going to buy Laurentian Bank of Canada for $1.9 billion, while the Quebec bank’s retail and small business portfolios will be acquired by National Bank of Canada .

“This announcement is aligned with the acceleration of Laurentian Bank’s commercial specializations, as announced in our 2024 strategic plan,” Laurentian Bank chief executive Éric Provost said in a release on Tuesday.

Fairstone will combine its commercial lending operations with Laurentian Bank, which will retain its brand identity and head office in Montreal.

Provost will continue as Laurentian’s CEO, concentrating on commercial banking activiti

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