June 2, 2016 / 11:47 AM / 2 years ago

BMO expands U.S. capital markets business with acquisition

TORONTO, June 2 (Reuters) - Bank of Montreal said on Thursday that it would acquire Greene Holcomb Fisher, a U.S.-based merger and acquisition advisory firm, in a push to strengthen its investment banking business in the United States, particularly in the Midwest.

The move will help Toronto-based BMO, Canada’s fourth biggest lender, double its U.S. M&A business, based on the number of deals.

Based in Minneapolis, Greene Holcomb Fisher offers investment banking services targeted at the middle market, an area that BMO has been focusing on in the United States. It also has offices in Seattle and Atlanta.

BMO, which did not disclose the terms of the deal, said the two firms advised on M&A deals valued at $77 billion in 2015.

The capital markets division of Bank of Montreal expanded aggressively in the United States since the financial crisis and has been starting to see those efforts pay off.

Other Canadian banks that are active in the U.S. investment banking market include Royal Bank of Canada and Toronto Dominion Bank.

RBC has become a top ten player in U.S. investment banking, and TD said last year it was looking to double its U.S. capital markets business in three to four years. (Reporting by John Tilak; Editing by Bernadette Baum)

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