By Townhall Chicago News Staff
Chicago-headquartered BMO Financial Group announced Saturday the completion of its acquisition of the Australian capital markets business of Euroz Hartleys Group Limited for A$145 million in cash.
The deal strengthens BMO’s position as one of the world’s largest metals and mining investment banking franchises and expands the bank’s presence in Australia.
The acquisition combines BMO’s global investment banking and distribution capabilities with Euroz Hartleys’ expertise in equities research, institutional sales and trading, equity capital markets, mergers and acquisitions and strategic advisory, according to a Nov. 1 news release from BMO.
“The combined platform connects clients more directly with capital, investors and opportunities across Australia, North America and Europe,” the release said.
BMO has operated in Australia since 2004 with an office in Melbourne. The addition of the Euroz Hartleys capital markets team in Perth significantly expands the bank’s Australian capabilities and establishes a broader platform serving corporate and institutional clients, according to the release.
The bank has been recognized as the world’s best metals and mining investment bank by Global Finance Magazine for 17 consecutive years, according to the news release.
BMO Financial Group is the eighth-largest bank in North America by assets, with total assets of $1.5 trillion as of July 31, according to the company. The bank provides personal and commercial banking, wealth management and investment banking services across Canada, the United States and other markets.
Euroz Hartleys, listed on the Australian Securities Exchange, will continue to operate its private wealth management business under the Euroz Hartleys and Entrust brands with approximately A$5 billion in funds under management and about 60 advisers, according to an ASX filing. The company said it plans to return the post-tax net proceeds to shareholders through a special dividend and an equal return of capital.
BMO also closed the sale of its transportation and vendor finance businesses on Oct. 29 and is hosting its inaugural Technology and Innovation Leaders Conference in New York, according to the company’s newsroom.
