Bank of Montreal to pay $41 million for Portugal-based Bcpbank Canada: Knowledge Driven Revolution

TORONTO (CP) - The Bank of Montreal (TSX:BMO) said Thursday it has agreed to buy Portugal-based Bcpbank Canada for $41 million.

Bcpbank Canada operates eight personal and commercial bank branches, seven in the Greater Toronto Area, with a customer base of 28,000. It is owned by Millennium bcp of Lisbon. It employs more than 120 people, many of whom are proficient in the Portuguese language.

The transaction, which is subject to regulatory approval, is expected to close later this year.

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"This acquisition reflects our commitment to continue to invest in our core Canadian retail banking franchise and provides us with a good opportunity to deepen our relationship with this important local community," Frank Techar, president and CEO of BMO Financial Group personal and commercial banking, said in a release.

"We now look forward to working even more closely with the Portuguese-Canadian community."

The popular service of remittances to Portugal will be maintained, the bank said.

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