(Reuters) - Laurentian Bank of Canada (>> Laurentian Bank of Canada) said it would buy CIT Group Inc's (>> CIT Group Inc.) Canadian equipment financing and corporate financing business, a portfolio worth about C$1 billion ($772 million).

Laurentian Bank said it expect the deal to be modestly accretive to its adjusted profit in 2017 and boost adjusted earnings by about 4 percent in 2018.

The deal is expected to close in the fourth quarter after which about 140 CIT Canada employees will join the bank, Laurentian Bank said.

($1 = C$1.30)

(Reporting by Anet Josline Pinto in Bengaluru; Editing by Savio D'Souza)

Stocks treated in this article : CIT Group Inc., Laurentian Bank of Canada