Canada’s seventh largest bank Laurentian Bank of Canada is setting up an energy investment banking team in Calgary, capital of Alberta. According to news reports, Laurentian Bank Securities’ head of Energy Wade Felesky has said bank had been seeking an opportunity to open an energy-focused banking arm for years and the prolonged slump in Canadian oil and gas offered a chance to jump into the industry at a low point in the cycle. The energy unit will function as a subsidiary of the parent bank and initially there will be 10 people in the team. The team would focus on junior and mid-sized oil and gas companies, which have been struggling to secure capital and credit during the more than two-year crude price downturn.
