(April 4 – 12:10 ET) – Bank of Montreal today announced that it has entered into an agreement with Banco Bilbao Vizcaya Argentaria and Grupo Financiero BBVA Bancomer to sell its remaining stake GFBB to BBVA.

BMO still holds 812 million shares of GFBB, and expects to realize a $295 million gain on the sale, pretax. The sale of 500 million shares will close on April 5, delivering pretax gains of $183 million. Closing on the remainder is subject to Mexican and Spanish regulatory approvals. GFBB also remains committed to redeeming $99 million U.S. subordinated debentures, held by Bank of Montreal, by April 2002.

BMO originally acquired a 20% voting interest in Grupo Financiero Bancomer in March 1996. GFB subsequently merged with Grupo Financiero BBV Probursa and was renamed Grupo Financiero BBVA Bancomer. In January, 2001, the bank sold 200 million GFBB voting shares to BBVA.