HONG KONG, Jan. 5, 2021 /CNW/ - BMO Financial Group announced it has entered into an agreement to sell its Private Banking business in Hong Kong and Singapore to J. Safra Sarasin Group.
The transaction is consistent with efforts that began before the pandemic to improve BMO's return profile and efficiency by focusing resources on businesses where we are well-positioned from a market share position and deliver strong returns. The Hong Kong and Singapore markets remain important for BMO, and we look forward to continuing our longstanding service to our corporate and institutional clients in Asia.
"Bank J. Safra Sarasin has a strong reputation for client service and we are confident that they are well positioned to service our private banking clients in Hong Kong and Singapore and to provide fulfilling careers for our private banking relationship managers," said Albert Yu, CEO Asia, BMO Financial Group.
The acquisition is expected to be completed during the course of the first half of 2021, subject to regulatory approvals. Financial terms are not disclosed.
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 $949 billion as of October 31, 2020, 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.
SOURCE BMO Financial Group