BMO exploring sale of transportation finance arm, Bloomberg News reports
Aug 13 (Reuters) - Canada's Bank of Montreal BMO.TO is exploring a sale of its transportation finance business for about $1 billion, Bloomberg News reported on Wednesday, citing people familiar with the matter.
The bank has been lining up for potential buyers of the business, which could attract private equity firms and private credit players, as per the report.
No final decision has been made in regards to the business — which has about $11 billion in assets — and BMO might opt to hold onto it, Bloomberg said. Bank of Montreal declined comment on the report.
The bank's transportation finance arm provides loans and leases, which are tailored primarily for trucks and trailers across North America. It also serves inventory financing and fleet cost management needs for the sector.
Bank of Montreal had acquired General Electric Capital Corporation's transportation finance business about a decade ago, to boost its commercial banking at the time.
The bank has made several key executive changes in the recent past to foster growth and expand its footprint in the United States.
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