RBC and BMO sell Moneris to Francisco Partners for $2 billion
Referral arrangements keep clients connected
Despite the ownership transfer, both banks have secured exclusive, long-term customer referral arrangements with Moneris, ensuring continuity for existing and future business clients.
Sean Amato-Gauci, RBC’s group head of commercial banking, said Moneris “has played a central role in enabling Canadian businesses to modernize and scale by connecting them with more consumers more often through innovative payments solutions across the commerce ecosystem,” adding that the company’s platforms “will be leveraged and amplified by Francisco Partners in this next stage of growth.”
Sharon Haward-Laird, BMO’s group head of Canadian commercial banking, said the transaction “will enable Moneris to build on that strong foundation while accelerating its strategy in a rapidly evolving payments landscape.”
Francisco Partners, whose portfolio spans payments technology companies including Verifone and Hypercom, said it sees significant long-term opportunity with Moneris “while preserving the deeply Canadian identity” of the business, according to firm partner Peter Christodoulo.
RBC projects a marginally positive impact to its common equity Tier 1 (CET1) ratio on closing, while BMO expects its CET1 ratio to improve by approximately 15 basis points.
