RBC and BMO Consider $2 Billion Sale of Moneris Payments Division
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RBC and BMO Consider $2 Billion Sale of Moneris Payments Division

The Royal Bank of Canada and the Bank of Montreal are reportedly seeking to sell their payments processing joint venture, Moneris, for as much as $2 billion, according to Reuters.

Established in 2000, Moneris processes a significant portion of business transactions in Canada, handling about one-third of them. RBC and BMO have enlisted advisors to consider a sale, as Moneris generates approximately $700 million in annual revenue, as noted by sources cited by Reuters.

In recent years, banks have been moving away from their payments operations. For instance, last month, TD Bank announced an agreement to sell part of its merchant processing business to Fiserv.