Bank of Montreal is making a move to double its merger and acquisitions business south of the border. The lender, which is the fourth largest in Canada, has agreed to buy Greene Holcome Fisher in a deal to be completed by end of Q1 2017.
The acquisition is the first foray into the U.S. for BMO’s merger and acquisitions arm. GHF, which provides coverage for a number of industries including industrials, food, consumer and retail, healthcare and tech, will be rebranded a s part of BMO Capital Markets.
“The transaction underscores our commitment to effectively serve our U.S. clients by deepening our Midwest footprint, growing our U.S. M&A business and strengthening our client focus," said Perry Hoffmeister, global head of investment & corporate banking for BMO Capital Markets.
The buy is among BMO efforts to counter a slowdown in domestic banking operations, a tactic taken by many of Canada’s largest lenders amid headwinds such as lower interest rates, souring oil debt, and high levels of unsecured lending among indebted Canadians.
The lender also acquired General Electric Capital Corporation’s transportation financing business in a multi-billion deal in 2015. In addition to BMO Capital Markets’ global presence, the lender also owns the Chicago-based BMO Harris Bank.
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