BMO completes sale of EMEA Asset Management business

Rhea-AI Summary

BMO Financial Group (TSX: BMO) has finalized the sale of its EMEA Asset Management business to Ameriprise Financial, enhancing its focus on North American Wealth Management. This strategic move aims to optimize operational efficiency and allocate resources to areas with a competitive advantage. BMO, a major North American bank with total assets of $971 billion, continues to serve over 12 million customers across various financial services.

Positive

• Sale of EMEA Asset Management business supports strategic focus on North American Wealth Management.
• Transaction enhances capital allocation towards profitable market segments.

Negative

• None.

News Market Reaction

+1.00%

1 alert

+1.00% News Effect

On the day this news was published, BMO gained 1.00%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

TORONTO, Nov. 8, 2021 /PRNewswire/ - BMO Financial Group (TSX: BMO) (NYSE: BMO) announced today that it has completed the previously announced sale of the entities that represent its EMEA Asset Management business to Ameriprise Financial, Inc. (NYSE: AMP).

The transaction supports BMO's goals to optimize efficiency and to focus capital and investment in areas where it has an advantaged market position, including its North American Wealth Management businesses.

About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $971 billion as of July 31, 2021, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

View original content:https://www.prnewswire.com/news-releases/bmo-completes-sale-of-emea-asset-management-business-301418292.html

SOURCE BMO Financial Group

FAQ

What did BMO announce on November 8, 2021?

BMO announced the completion of the sale of its EMEA Asset Management business to Ameriprise Financial.

How does the sale impact BMO's business strategy?

The sale allows BMO to optimize efficiency and focus investment on its North American Wealth Management businesses.

What is the significance of the sale for BMO shareholders?

The sale is expected to improve BMO's operational efficiency and resource allocation, potentially benefiting shareholders.

What are BMO's total assets as of July 31, 2021?

BMO's total assets were reported at $971 billion as of July 31, 2021.

How many customers does BMO serve?

BMO serves over 12 million customers across its financial services.