BMO completes Euroz Hartleys capital markets acquisition
The Perth team expands BMO’s Australian mining finance business, while Euroz Hartleys retains its independent private wealth operations.
Mara Quinlan
BMO Financial Group TSEBMO NYSEBMO said on Sunday it completed the purchase of Euroz Hartleys Group Limited ASXEZL’s Australian capital markets business. About 40 employees were expected to join BMO under the original agreement, expanding the bank’s Australian investment banking and distribution business.
BMO shares fell to C$239.22 in Toronto at 4 p.m. EDT on Oct. 30, according to TSEBMO. That trading session preceded the completion announcement.
The purchase adds a Perth capital markets team to BMO’s existing Melbourne presence, which dates to 2004. The acquired business brings equities research, institutional sales and trading, equity capital markets, mergers and acquisitions, and strategic advisory capabilities.
Euroz Hartleys’ private wealth business remains independent, with a strategic alliance designed to preserve research access and distribution links between the businesses. BMO’s completion release gives no updated purchase consideration, earnings contribution or estimate of cost savings.
The Nov. 1 announcement does not set out a distribution of sale proceeds to Euroz Hartleys shareholders. The group’s reported annual profit includes operations before the sale and does not establish the acquired unit’s standalone contribution to BMO.
Euroz Hartleys’ report for the year ended June 30, 2026 described its plan to continue as an independent private wealth business after selling the capital markets operation. The seller’s account identified shareholder approval under ASX Listing Rule 11.2 and other customary conditions as requirements for the transaction.
BMO’s June 29 announcement described the target as a metals and mining-focused capital markets business. Its rationale was to combine Australian equity distribution with the bank’s international investment banking platform, connecting clients across Australia, North America and Europe.
"BMO provides immediate access to the leading global franchise in metals and mining and significantly expands our ability to connect Australian clients with international capital," Euroz Hartleys executive chairman Andrew McKenzie said in the agreement announcement.
The seller’s annual report shows the scale of the broader business before the separation. Euroz Hartleys reported net profit after tax attributable to members of A$16.7 million for the year ended June 30, 2026.
It reported approximately A$4.6 billion of equity capital markets raisings for that year, compared with approximately A$1.6 billion in the preceding period. Those group figures cover the business before the capital markets sale.
Euroz Hartleys also reported funds under management of A$5.16 billion at June 30, up from A$4.45 billion. Following the transaction, its stated plan was to operate a standalone private wealth business under the Euroz Hartleys and Entrust Wealth Management brands.
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BMO’s Nov. 1 release does not give a date for the next integration update.
