Bank of Montreal expands metals and mining reach with Perth-based acquisition, deepening its Australian footprint
Bank of Montreal (BMO) has signed a definitive agreement to acquire the capital markets business of Euroz Hartleys Group Limited, a Perth-based equity research, sales, and advisory firm listed on the Australian Securities Exchange, in a cash transaction reported at A$145 million.
The deal, announced this week, pairs BMO's global metals and mining franchise with one of Australia's equity distribution platforms, and is expected to close in the fourth quarter of calendar 2026, pending shareholder and regulatory approval.
For Canadian brokers and mortgage professionals tracking the country's largest financial institutions, the transaction signals BMO's push to scale fee-based capital markets revenue internationally.
That strategy was already visible in its recent second-quarter earnings, where capital markets profit climbed sharply on global markets and investment banking activity.
Why mining and metals matter to the deal
Australia ranks among the largest global centres for metals and mining capital formation, a market BMO has described as comparable in scale to Canada's own resource sector.
"This is a defining step forward in strengthening our position as the leading metals and mining investment bank globally," said Carrie Cook, global head of investment and corporate banking at BMO Capital Markets.
BMO has maintained a Melbourne office since 2004, and roughly 40 Euroz Hartleys staff are expected to join BMO Capital Markets once the deal closes.
Andrew McKenzie, executive chairman of Euroz Hartleys, said the tie-up "will bring together two highly complementary businesses to create a stronger and more competitive global platform," adding that it gives Australian clients expanded access to international capital.
Euroz Hartleys' private wealth division will stay independent, entering a separate strategic alliance with BMO to preserve research and distribution ties between the two businesses.
What it means for BMO's Canadian footprint
The acquisition follows a string of structural moves at BMO, including its agreement to sell 138 US branches to First-Citizens Bank & Trust as it narrows its North American retail footprint, alongside an executive realignment spanning its US and Canadian banking divisions.
Together, these moves point to a bank prioritizing higher-margin capital markets and wealth lines over traditional branch banking.
BMO Financial Group, the eighth-largest bank in North America by assets, reported total assets of $1.5 trillion as of April 30, and operates across personal and commercial banking, wealth management, global markets, and investment banking.
Euroz Hartleys, headquartered in Perth, built its reputation on equities research, institutional trading, and mergers and acquisitions advisory within Western Australia's resource-heavy economy.
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