Bank of Montreal on Friday agreed to sell its U.S.
retirement-services business to OneAmerica Financial Partners Inc.
of Indianapolis for undisclosed terms.
The Canada-based bank said the sale of Milwaukee-based BMO
Retirement Services will allow it to focus on its asset-management
business, noting it will continue to manage a portion of the
investments in the plans being acquired by OneAmerica. The
operations being sold include more than 200 professionals with
about 830 plans.
Bank of Montreal is Canada's fourth-largest bank by assets. Its
recent efforts in the U.S. have been aimed at the goal doubling its
retail customer base there to six million people over the next
three to five years as it looks to push further into the U.S.
retail banking market. In the U.S., the bank operates as BMO Harris
Bank and is focused on the Midwest.
Meanwhile, the deal will boost OneAmerica's assets under
administration by about $26 billion to $70 billion. OneAmerica has
been beefing up its retirement-services business and last year
acquired City National Bank's San Diego-based retirement services
business.
The transaction is expected to close during the third quarter of
calendar 2015.
OneAmerica said it expects to continue business operations from
BMO Retirement Services's current locations, and most clients will
continue to work with their current service teams.
Write to Carolyn King at carolyn.m.king@wsj.com
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