TORONTO, Ont. – BMO Financial Group and its Chicago-based subsidiary, BMO Harris Bank N.A., announced the signing of an agreement with General Electric Capital Corporation to acquire GE Capital’s Transportation Finance business in the US and Canada.
“BMO Financial Group is recognized as a market leader in commercial banking in both the U.S. and Canada; it is a core strength of the bank. The transportation finance assets we are acquiring have many of the characteristics of other business segments in which BMO has proven capability. This represents a unique opportunity to grow our commercial customer base,” said Bill Downe, chief executive officer, BMO Financial Group. “Our strong capital position provides us with the flexibility to complete this acquisition, which is consistent with our strategy and well-aligned with our risk profile. We look forward to welcoming GE’s customers and the professionals who serve them to BMO later this year.”
GE Capital’s Transportation Finance business is the largest financier to the commercial truck and trailer segment in the continent. It services the entire supply chain from industry-leading original equipment manufacturers and dealers to a diverse set of end-users, operating out of 11 locations in the United States and four in Canada, with nearly 600 employees.
“We’re acquiring an excellent organization, one that is operated by the premier management team in the transportation finance industry led by Dan Clark. I look forward to working with them to continue to grow the business,” said David Casper, president and CEO, BMO Harris Bank. “This transaction plays to our strength in commercial banking across North America. It brings an industry leader into the BMO fold that has been built on strong industry knowledge, disciplined underwriting, superior technology and long-standing, diverse customer relationships.”
Dan Clark, president and GM of GE Capital, Transportation Finance added: “My team and I are excited to be joining BMO, a company which shares our passion for providing a great customer experience.