BMO Closes on Purchase of GE Transportation Finance
CHICAGO, IL and TORONTO, ON — BMO Financial Group, the parent of BMO Bank of Montreal, and its wholly-owned Chicago-based subsidiary BMO Harris Bank N.A. has completed its acquisition of General Electric Capital Corp’s. Transportation Finance business.
The acquisition enhances BMO’s commercial banking franchise with the addition of North America’s largest financier to the truck and trailer segment, according to the company.
Terms of the deal, announced in September, have not been released.
“We’re welcoming the premier transportation finance business in the industry into BMO Financial Group,” said David Casper, president and CEO, BMO Harris Bank. “The trucking industry is vital to the North American economy, and we intend to grow the business, building on the team’s 40-year track record of providing industry expertise to its customers.”
Based in Irving, TX, the newly named BMO Transportation Finance business services the entire supply chain, from industry-leading original equipment manufacturers and dealers to a diverse set of end-users.
It operates out of 11 locations in the United States and four in Canada, with more than 600 employees. On closing, the business had net earning assets of approximately $11.9 billion or US$8.9 billion.
BMO Transportation Finance will continue to operate under the leadership of Dan Clark, who has been appointed Head, BMO Transportation Finance, and his management team.
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