The Bank of Montreal also says the decision will trigger an unspecified number of layoffs in Canada and the U.S.
Those dents on the income statement hint at the financial strain facing consumers, who have struggled to cope with a spike in interest rates over the past year and a half. The Bank of Montreal's indirect retail auto loans segment works with car dealerships to arrange financing for car buyers, who in turn make monthly payments to those dealers. BMO's commercial banking business, which backs auto dealers through inventory financing, is unrelated to the upcoming shutdown.
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BMO exiting retail auto finance businessThe Bank of Montreal is exiting the retail auto finance business, as it looks to redeploy resources to areas where its “competitive positioning is strongest.”
Herkunft: AutoNewsCanada - 🏆 77. / 51 Weiterlesen »
Canadian lender BMO to wind down retail auto finance businessBank of Montreal (BMO) is winding down its retail auto finance business and shifting focus to other areas in a move that will result unspecified number of job losses, Canada's third largest bank said on Saturday. The move, applicable in Canada and the United States, comes after BMO's bad debt provisions in retail trade surged to C$81 million ($60 million) in the quarter ended July 31 compared with a recovery of C$9 million a year ago, in a sign of growing stress consumers face from a rapid rise in borrowing costs. 'By winding down the indirect retail auto finance business, we have the ability to focus our resources on areas where we believe our competitive positioning is strongest,' BMO said in a statement to Reuters.
Herkunft: YahooFinanceCA - 🏆 47. / 63 Weiterlesen »
Canadian lender BMO to wind down retail auto finance businessBy Nivedita Balu TORONTO (Reuters) - Bank of Montreal (BMO) is winding down its retail auto finance business and shifting focus to other areas in a ...
Herkunft: SaltWire Network - 🏆 45. / 63 Weiterlesen »