Laurentian Bank of Canada, which has been working on a turnaround under a new chief executive officer since late 2020, has started a strategic review that may lead to a sale.

The review is intended to “maximize shareholder and stakeholder value,” the bank said in a statement. It has hired JPMorgan Chase & Co. to approach potential buyers, the Globe and Mail reported Tuesday. The process started after a rival bank made a bid for the lender, the newspaper reported, citing people it didn’t name.