BMO Financial Group Completes Acquisition of GE Capital Corporation's Transportation Finance Business
"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 (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.
"Customers have already told us that they are looking forward to having access to BMO's full array of commercial services," said Mr. Clark. "We look forward to continuing to provide them with the same level of exceptional customer service they have come to expect."
Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of approximately $642 billion as of October 31, 2015, and close to 47,000 employees, BMO provides a broad range of retail 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, Wealth Management and BMO Capital Markets.
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