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BMO Completes Acquisition of LoyaltyOne's AIR MILES Reward Program Business

Enhanced program offerings and new ways for collectors to earn are on the horizon for Canada's longest-standing loyalty program

TORONTO, June 1, 2023 BMO (TSX: BMO) (NYSE: BMO) today announced the completion of its acquisition of LoyaltyOne’s AIR MILES Reward Program (AIR MILES). The acquisition is a made-in-Canada opportunity to reinvigorate one of Canada’s most celebrated loyalty programs for all Canadians collecting AIR MILES Reward Miles, as well as partners across the country.

"We are thrilled to bring the ownership of AIR MILES home to Canada and look forward to strengthening its offering for collectors and program partners,” said Ernie Johannson, Group Head, North American Personal & Business Banking, BMO. “As a longtime partner, we believe in the value of the AIR MILES Reward Program and are confident about the opportunity to expand the program and build even greater customer loyalty.”

BMO’s scale in innovation and digital will drive enhanced customer experiences for AIR MILES. In the coming months, AIR MILES plans to introduce a wide range of new program enhancements including:

  • An improved travel booking platform featuring richer offers, more ways to book travel, and new ways for collectors to earn Miles.
  • A new and innovative way for collectors to earn Bonus Miles in connection with eligible purchases through receipt scanning, rolling out first for collectors in Atlantic Canada with other regions to follow.
  • New opportunities to earn and redeem Miles with top Canadian brands in categories including fashion, travel, grocery, meal delivery, home goods and technology.
  • Leveraging AIR MILES’ industry-leading insights and technology to bring more value to the collector and partner experience.

“The future is bright for AIR MILES, and this is a significant step forward for collectors and partners all across Canada,” said Shawn Stewart, President, AIR MILES Reward Program. “We look forward to bringing a heightened energy and excitement to the program with the introduction of new enhancements that will enrich collectors’ experience and strengthen the value our program brings to their lives.”

AIR MILES is one of Canada’s most recognized loyalty programs, with the opportunity to earn Miles and benefit from rewards at more than 300 leading Canadian, global, and online brands, and at thousands of retail and service locations across the country including Shell, Metro™, Sephora, Walmart, Dyson, Amazon, and more.

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of April 30, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future and inclusive society.

About the AIR MILES Reward Program
The AIR MILES Reward Program is one of Canada’s most recognized loyalty programs, with over 10 million active collector accounts, representing more than half of all Canadian households. AIR MILES collectors earn Reward Miles at more than 300 leading Canadian, global and online brands and at thousands of retail and service locations across the country. This activity powers an unmatched data asset that, along with world-class analytics and marketing capabilities, enables clients to accelerate their marketing activities and ROI. It’s the only loyalty program of its kind to give collectors the flexibility and choice to use Reward Miles on aspirational rewards such as merchandise, travel, events and attractions, or instantly on everyday essentials, in-store or online, through AIR MILES Cash at participating partner locations.

BMO cautionary statement regarding forward-looking information
Certain statements in this press release are forward-looking statements. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to, statements with respect to plans for the integration of AIR MILES business, our plans or future actions with respect to the AIR MILES business, the regulatory environment in which we operate, the results of, or outlook for, our operations, and include statements made by our management. Forward-looking statements are typically identified by words such as "will", "would", ""believe", "expect", "anticipate", "project", "estimate", "plan", "may", "might", "forecast" and "could" or negative or grammatical variations thereof.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: the anticipated benefits from the transaction are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, laws and regulations and their enforcement, and the degree of competition in the business areas in which the AIR MILES business operates; the AIR MILES business may not perform as expected or in a manner consistent with historical performance; the ability to promptly and effectively integrate and reinvigorate the AIR MILES business; diversion of management time on transaction-related issues; and those other factors discussed in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of BMO's 2022 Annual Report, and the Risk Management section in BMO's Second Quarter 2023 MD&A, all of which outline certain key factors and risks that may affect our future results and our ability to anticipate and effectively manage risks arising from all of the foregoing factors. We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements.

We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding the transaction and may not be appropriate for other purposes.

Metro™ is a registered trademark of Metro Inc.

SOURCE BMO Financial Group

For further information: Media Contact: BMO: Jeff Roman, Toronto,, (416) 867-3996