Shares of Laurentian Bank of Canada soared more than 30 per cent in early trading after the bank said it was conducting a review of its strategic options to maximize shareholder value.

A strategic review is often seen by investors as a prelude to a sale by a company.

In a news release Tuesday, the bank said it does not intend to disclose further developments until the review is concluded.

Laurentian says it has a strong capital and liquidity position as well as a strong, stable and diversified funding and deposit base.

The Montreal-based bank has been working through a three-year strategic plan it launched in late 2021 to modernize operations, including with the rollout of its first mobile banking app, as it looks to catch up to the offerings of other Canadian banks.

Laurentian shares were up $10.66 at $44.19 in early trading on the Toronto Stock Exchange.

This report by The Canadian Press was first published July 12, 2023.