Bank of Montreal and Royal Bank of Canada sold Moneris Solutions to Francisco Partners for approximately C$2 billion. The deal announced August 10 terminates a 25-year joint venture between the Canadian lenders.
Analysts reviewed the transaction on August 12 as BMO moves to unlock capital from non-core assets. BMO expects to realize an after-tax gain of roughly C$600 million from the divestiture.
The bank also appointed Brent Reston as its new U.S. Chief Digital Officer. Reston joins from Wells Fargo to lead digital technology integration during a broader operational overhaul.