(December 22) – Bank of Montreal has sold a chunk of its U.S. credit card assets. Its U.S. holding company, Bankmont Financial, sold the net assets of Partners First to Atlanta’s Wachovia Bank Card Services.

BMO will pick up US$75 million before tax, with the deal expected to closein the first quarter of 2000. The deal remains subject to regulatory approval.

BMO says it dumped the business after determining that growth opportunities are limited. This move follows BMO’s overhaul of its business lines in the wake of its failed merger with Royal Bank. It says it has decided to devote the capital it had in this business to electronic commerce, small business and wealth management.
-IE Staff