(February 1 – 10:20 ET) – Bank of Montreal’s Harris Bank is selling its corporate trust businesses. The Chicago-based bank is selling the indenture trust business to a subsidiary of the Bank of New York Co. Inc. The shareholder services business is going to Computershare Ltd.

The combined sales will result in a pre-tax gain to Harris of approximately US$60 million. The deals are subject to regulatory approval and are expected to close in 45 days.

“Harris Bank is redirecting capital and other resources to grow and expand its community banking, private client, and mid-market corporate and investment banking businesses,” says Al McNally, chairman and chief executive of Harris Bank.
-IE Staff