Chicago-based BMO Harris Bank N.A., a wholly owned subsidiary of Toronto-based Bank of Montreal (BMO), announced on Tuesday that it has completed the acquisition of General Electric (GE) Capital Corp.’s transportation finance business.
“The acquisition enhances BMO’s commercial banking franchise with the addition of North America’s largest financier to the truck and trailer segment,” states BMO Harris’ announcement.
The newly-named BMO Transportation Finance business has four locations in Canada and 11 locations in the U.S. and employs more than 600 people. Its client base includes original equipment manufacturers and dealers within the commercial truck and trailer industry. The business had net earnings assets of approximately $11.9 billion on the closing of the deal.
BMO Harris’ new business is based in Irving, Tex. and will continue to operate under the leadership of Dan Clark, who is now head of BMO Transportation Finance. Clark had been president and general manager of the business when GE Capital owned it.