BMO Financial Group today announced that it has signed an agreement in principle to purchase bcpbank Canada, a full-service chartered bank which is wholly owned by BCP Internacional II, Sociedade Unipessoal, SGPS, Lda, a wholly owned subsidiary of Millennium bcp of Lisbon, Portugal, for $41 million.

bcpbank Canada had a net book value of $26.7 million as at Dec. 31, 2005. The transaction, which is subject to regulatory approval, is expected to close later this year.

bcpbank Canada operates a network of eight personal and commercial bank branches, seven of which are located in the Greater Toronto Area. With a customer base of 28,000 bcpbank Canada has established a reputation for being the first choice for financial services amongst Toronto’s extensive Portuguese-Canadian community and is a leader in providing international remittance services for that community.

bcpbank Canada employs more than 120 people and many of its front-line employees are proficient in the Portuguese language and are able to assist customers in their language of choice.

“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,” said Frank Techar, president and CEO, personal and commercial banking Canada, BMO Financial Group.

“This acquisition will provide the same level of service that bcpbank customers have received along the years, while bringing a greater selection of financial products and a much larger and convenient branch network,” said Ricardo Valadares, president and CEO of bcpbank Canada. “We trust this acquisition will be of great benefit and satisfaction to all our customers given that both institutions share the customer-first spirit and a strong commitment to the Portuguese-Canadian Community. Consequently, bcpbank is pleased to announce that one of its most demanded services – Remittances to Portugal – will be maintained and available to all bcpbank Customers in the future,” concluded Valadares.