The move comes after BMO’s bad debt provisions in retail trade surged to $81 million in the quarter and is a sign of growing stress consumers face from a rapid rise in borrowing costs
is winding down its retail auto finance business and shifting focus to other areas in a move that will result in an unspecified number of job losses, Canada’s third largest bank said on Saturday.
“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. In a letter sent to car dealers and seen by Reuters, the head of the business Paul Hunsley said the termination of the dealer agreement would be effective as of Sept. 15, but the bank would fund all contracts submitted and approved prior to the date.
Gross loans in its retail auto business rose about 34% in the third quarter from a year earlier to C$17.36 billion, and accounted for 2.7% of the bank’s overall loans, according to BMO’s latest financial report released in August.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Masking guidelines reinstated for Montreal hospital health-care workersMasking guidelines at McGill University Health Centre have returned due to an 'important rise in the number of respiratory infections including COVID-19.'
Read more »
Montreal Alouettes teammates Josh Bourke, John Bowman enter Canadian Football Hall of Fame togetherThey were teammates for the bulk of their CFL careers, celebrated two Grey Cup wins and spent countless hours off the field together. So it's only fitting that Josh Bourke will enter the Canadian Football Hall of Fame with John Bowman.
Read more »
Olivia Rodrigo Announces Additional GUTS World Tour Dates In Montreal, Toronto & MoreOlivia Rodrigo's sophomore tour is getting even bigger. On Friday, the 'Vampire' singer announced 18 new dates on her GUTS World Tour, including additional shows in Montreal and Toronto. [readmore label='READ MORE: ' link='https://etcanada.com/news/1020553/olivia-rodrigo-announces-guts-world-tour-with-canadian-dates/' text='Olivia Rodrigo Announces GUTS World Tour With Canadian Dates' /] 'my GUTS world tour just added 18 new dates!' she wrote…
Read more »
‘It’s unimaginable’: How almost 3,000 kids waited too long for test results at Montreal hospitalThe Montreal Children's Hospital had to turn to an outside laboratory for help in diagnostic testing after thousands of children had to wait too long for celiac testing.
Read more »
Old Montreal fire victim’s family files $1.5-million lawsuit against city, owner, Airbnb operatorCity inspectors visited the building on multiple occasions throughout the years and found numerous irregularities making it “dangerous for life and human safety”
Read more »
CF Montreal continue playoff push against visiting Chicago FireMONTREAL — After a two-week international break, CF Montreal is set to resume its playoff push with a Saturday showdown with the Chicago Fire at Stade Saputo Chicago (8-11-8) limps into the match on a five-game losing streak but still only trails eig
Read more »