MONTREAL — BMO Financial Group says it will close its retail auto finance business in order to reroute resources following a rise in bad debt.
It comes after the company's bad debt provisions more than tripled to $492 million in the quarter ended July 31 compared to a year earlier. 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 to shutter retail auto finance business as bad debt mountsBMO Financial Group says it will close its retail auto finance business in order to reroute resources following a rise in bad debt.
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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.
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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 ...
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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.”
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Bank of Montreal to close retail auto finance business, flags job lossesBy Nivedita Balu TORONTO (Reuters) -Bank of Montreal (BMO) is winding down its retail auto finance business and shifting focus to other areas in a move ...
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