TSX:BMOBanks
Bank of Montreal (TSX:BMO) Exits Moneris In Capital Boosting Deal
Bank of Montreal (TSX:BMO) and Royal Bank of Canada agreed to sell payments company Moneris to Francisco Partners. The transaction was announced as a recent material deal for both banks.
BMO plans to enter long-term referral agreements with Moneris, keeping a channel into merchant services despite the sale.
The transaction is expected to provide BMO with a meaningful benefit to its common equity Tier 1 capital ratio.
Moneris will add a globally experienced Chairman as part of the new...