Laurentian Bank Teams with Brim Financial

Laurentian Bank (TSE: LB) announced Wednesday a strategic partnership with Brim Financial, one of Canada’s fastest-growing financial technology companies and an authorized credit card company. 

Transforming Visa Customer Experience 

This partnership will enable Laurentian Bank to accelerate its digital transformation and improve the end-to-end customer experience for its VISA product line.

The Canadian bank will integrate Brim’s unique platform to increase the Bank’s digital capabilities, simplify its VISA ecosystem, fill the gaps in its current offering, and differentiate its products on the market. 

Brim’s platform will allow branches of the Laurentian Bank network to offer its clients a simplified and user-friendly experience through collaborative navigation. 

Laurentian Bank and Brim plan to offer this new experience in 2022. 

Management Commentary 

Laurentien Bank president and CEO Rania Llewellyn said, “Laurentian Bank is excited to partner with Brim Financial to bring our vision of re-imagining our VISA experience to life. With this announcement, we are delivering on a number of key priorities in our new strategic plan, including leveraging our size to engage in strategic partnerships to deliver faster and better products for our customers.” 

 Wall Street’s Take

On December 20, BMO Capital analyst Sohrab Movahedi maintained a Hold rating on LB and a C$45 price target. This implies 11.8% upside potential.  

The rest of the Street is neutral on LB with a Hold analyst consensus rating based on two Buys and six Holds. The average Laurentian Bank price target of C$46.96 implies 16.7% upside potential to current levels.   

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