BMO purchased the business from General Electric Capital Corporation about a decade ago to strengthen its commercial banking capabilities.
No final decision has been made, and the bank may retain the unit. BMO declined to comment.
At the same time, Reuters reported that BMO and Royal Bank of Canada have placed their Canadian payments joint venture, Moneris, up for sale in a process that could value the company at up to US$2bn.
Moneris, established in 2000 by the two banks, processes one in every three business transactions in Canada and serves about 325,000 merchant locations with digital, mobile, and in-store payment systems.
According to Reuters, boutique investment bank PJT Partners, along with RBC Capital Markets and BMO Capital Markets, is advising on the sale.
