BMO Completes Acquisition of GE’s Transportation Finance Business
BMO Financial Group said it completed the acquisition of General Electric Capital Corp.’s transportation finance business, which will be managed by its Chicago-based subsidiary BMO Harris Bank N.A.
On closing, the business had net earning assets of about $8.9 billion, BMO said.
BMO renamed the new unit, the nation’s largest financier of trucks and trailers, BMO Transportation Finance and said it now enhances the group’s commercial banking franchise.
“We’re welcoming the premier transportation finance business in the industry into BMO Financial Group,” BMO Harris Bank CEO David Casper said. “The trucking industry is vital to the North American economy, and we intend to grow the business, building on the team’s 40-year track record of providing industry expertise to its customers.”
BMO Transportation Finance will continue to operate under the leadership of Dan Clark, who has been appointed to head BMO Transportation Finance with his previous management team from General Electric, BMO said.
“It’s a name change. Not a culture change,” Daniel Clark told Transport Topics in September when the potential deal was announced.
The business will continue to be based in Irving, Texas, and operate out of 11 locations in the United States and four in Canada, with more than 600 employees.
