The BMO Bank of Montreal logo is seen on the BMO Nova Centre, housing their Atlantic Canadian headquarters and support services, in Halifax on Tuesday, April 2, 2019. THE CANADIAN PRESS/Andrew Vaughan
Republished January 05, 2021 - 5:09 AM
Original Publication Date January 05, 2021 - 4:21 AM
TORONTO - BMO Financial Group says it has signed a deal to sell its private banking business in Hong Kong and Singapore to J. Safra Sarasin Group.
Financial terms of the agreement were not disclosed.
BMO says J. Safra Sarasin has a strong reputation for client service and it is confident that they are well positioned to service its private banking clients in Hong Kong and Singapore.
The Canadian bank says the Hong Kong and Singapore markets remain important and it looks forward to continuing its service to corporate and institutional clients in Asia.
The deal is subject to regulatory approvals.
The acquisition is expected to close during the first half of 2021.
This report by The Canadian Press was first published Jan. 5, 2021.
Companies in this story: (TSX:BMO)
News from © The Canadian Press, 2021