TORONTO, May 12, 2023
/CNW/ - BMO (TSX: BMO) (NYSE: BMO) today confirmed it received
Court approval to acquire LoyaltyOne's AIR MILES Reward Program
(AIR MILES) business. The transaction is expected to close on
June 1, 2023. Upon closing, the AIR
MILES business will continue to operate separately as wholly-owned
subsidiaries of BMO and part of its Canadian P&C reporting
segment.
Further to the announcement on March
10, 2023, BMO's acquisition of the AIR MILES business is a
made-in-Canada opportunity to
reinvigorate one of Canada's most
celebrated loyalty programs for all AIR MILES collecting Canadians,
as well as merchants and partners across the country.
About BMO Financial Group
Serving customers for 200
years and counting, BMO is a highly diversified financial services
provider - the 8th largest bank, by assets, in North America. With total assets of
$1.15 trillion as of January 31, 2023, and a team of diverse and
highly engaged employees, BMO provides a broad range of personal
and commercial banking, wealth management and investment banking
products and services to 12 million customers and conducts business
through three operating groups: Personal and Commercial Banking,
BMO Wealth Management and BMO Capital Markets.
BMO cautionary statement regarding forward-looking
information
Certain statements in this press release are
forward-looking statements. All such statements are made pursuant
to the "safe harbor" provisions of, and are intended to be
forward-looking statements under, the United States Private
Securities Litigation Reform Act of 1995 and any applicable
Canadian securities legislation. Forward-looking statements in this
document may include, but are not limited to, statements with
respect to the expected closing of the proposed transaction, plans
for the integration of AIR MILES business, our plans or future
actions with respect to the AIR MILES business, the regulatory
environment in which we operate, the results of, or outlook for,
our operations, and include statements made by our management.
Forward-looking statements are typically identified by words such
as "will", "would", ""believe", "expect", "anticipate", "project",
"estimate", "plan", "may", "might", "forecast" and "could" or
negative or grammatical variations thereof.
By their nature, forward-looking statements require us to make
assumptions and are subject to inherent risks and uncertainties,
both general and specific in nature. There is significant risk that
predictions, forecasts, conclusions or projections will not prove
to be accurate, that our assumptions may not be correct, and that
actual results may differ materially from such predictions,
forecasts, conclusions or projections. We caution readers of this
document not to place undue reliance on our forward-looking
statements, as a number of factors – many of which are beyond our
control and the effects of which can be difficult to predict –
could cause actual future results, conditions, actions or events to
differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking statements.
The future outcomes that relate to forward-looking statements
may be influenced by many factors, including, but not limited to:
the possibility that the proposed transaction does not close when
expected or at all because conditions to closing are not received
or satisfied on a timely basis or at all or are received subject to
adverse conditions or requirements; the anticipated benefits from
the proposed transaction are not realized in the time frame
anticipated or at all as a result of changes in general economic
and market conditions, laws and regulations and their enforcement,
and the degree of competition in the business areas in which the
AIR MILES business operates; the AIR MILES business may not perform
as expected or in a manner consistent with historical performance;
the ability to promptly and effectively integrate and reinvigorate
the AIR MILES business; diversion of management time on
transaction-related issues; and those other factors discussed in
the Risks That May Affect Future Results section, and the sections
related to credit and counterparty, market, insurance, liquidity
and funding, operational non-financial, legal and regulatory,
strategic, environmental and social, and reputation risk, in the
Enterprise-Wide Risk Management section of BMO's 2022 Annual
Report, and the Risk Management section in BMO's First Quarter 2023
MD&A, all of which outline certain key factors and risks that
may affect our future results and our ability to anticipate and
effectively manage risks arising from all of the foregoing factors.
We caution that the foregoing list is not exhaustive of all
possible factors. Other factors and risks could adversely affect
our results. Investors and others should carefully consider these
factors and risks, as well as other uncertainties and potential
events, and the inherent uncertainty of forward-looking
statements.
We do not undertake to update any forward-looking statements,
whether written or oral, that may be made from time to time by the
organization or on its behalf, except as required by law. The
forward-looking information contained in this document is presented
for the purpose of assisting shareholders and analysts in
understanding the proposed transaction and may not be appropriate
for other purposes.
SOURCE BMO Financial Group