The transaction is consistent with efforts that began before the pandemic to improve BMO’s return profile and efficiency by focusing resources on businesses where we are well-positioned from a market share position and deliver strong returns. The Hong Kong and Singapore markets remain important for BMO, and we look forward to continuing our longstanding service to our corporate and institutional clients in Asia.

“Bank J. Safra Sarasin has a strong reputation for client service and we are confident that they are well positioned to service our private banking clients in Hong Kong and Singapore and to provide fulfilling careers for our private banking relationship managers,” said Albert Yu, CEO Asia, BMO Financial Group.

The acquisition is expected to be completed during the course of the first half of 2021, subject to regulatory approvals. Financial terms are not disclosed.

TORONTO, Dec. 15, 2020 /CNW/ – BMO Asset Management Inc. (the “Manager”), today announced the final net asset values for each of BMO Junior Gas Index ETF (“ZJN”), BMO Junior Oil Index ETF (“ZJO”) and BMO MSCI EAFE Value Index ETF (“ZVI”) (each a “Fund” and collectively, the “Funds”).

On September 30, 2020, the Manager pre-announced the termination of the Funds. Effective close of business December 15, 2020, the Funds were terminated. The units of the Funds were previously de-listed, at the request of the Manager, from the Toronto Stock Exchange effective close of business on December 10, 2020.

Following the termination, the final unitholders of the Funds became entitled to receive the proceeds from the liquidation of the assets, less all liabilities and all expenses. The proceeds have been allocated to those unitholders on a pro rata basis at the rates (the “Final NAV”) and in the currency shown in the table below and no further action is required by unitholders. In addition, immediately before the time of termination, unitholders of the Funds received a final distribution (“Final Distribution”).

The Final NAV and the Final Distribution per unit of each of the Funds are as follows:

The Final Distribution on the units of the Funds were automatically reinvested at a price equal to the Final NAV per unit of each of the Funds and consolidated such that the number of units outstanding following the Final Distribution equalled the number of units outstanding immediately prior to the Final Distribution.