RBC and BMO to Divest Moneris in $1.44 Billion Sale

The deal splits the proceeds equally between the two financial institutions, with both banks committing to long-term referral agreements to maintain their commercial ties with the payment provider. Moneris CEO James Hicks noted that these ongoing partnerships reflect a sustained confidence in the company’s infrastructure, despite the change in ownership.

For RBC, the divestment is expected to generate an after-tax gain of approximately C$475 million. The transaction is slated to close in the first quarter of fiscal 2027, subject to customary regulatory approvals. Moneris currently serves as a central pillar in the Canadian payment landscape, facilitating transaction management for a vast network of domestic businesses.