Laurentian Bank of Canada in core banking system revamp
Laurentian Bank of Canada (LBC) and its subsidiary, B2B Bank, are implementing new core banking software, Temenos’ T24.
The bank will also deploy Temenos’ Insight tools for reporting and analytics.
Together, the systems are branded by Temenos as RetailSuite.
Montreal-based LBC offers retail and commercial banking services in Quebec. It also has one branch in Ottawa. The bank has CA$40 billion ($30.5 billion) in balance sheet assets and CA$42 billion ($32 billion) in assets under administration. It employs 3,700 people.
Its subsidiary – B2B Bank – focuses on banking services for financial advisors and brokers. It has 27,000 clients. B2B Bank’s head office is in Toronto.
The RetailSuite implementation will be delivered by Deloitte, which will also provide system integration and governance services.
Deloitte is a long-standing partner of Temenos in Canada and has assisted with a number of projects, including the launch of a new digital banking arm of Equitable Bank, EQ Bank.
David O’Neill, LBC’s senior vice-president of IT, comments: “Earlier this year, LBC announced its transformation plan to our shareholders involving the modernisation or our core banking platform. This project with Temenos is key to that strategy and our future growth.
“We look forward to the exciting changes ahead.”