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BMO completes purchase of Euroz Hartleys' capital markets business

BMO completes purchase of Euroz Hartleys' capital markets business

Money Moves

The Canadian bank paid A$145 million for a Perth broker built around metals and mining dealmaking, giving it an Australian equity distribution desk for the first time

Today: Acquisition completes

Overview

Updated 51 minutes ago

Bank of Montreal (BMO) closed its purchase of Euroz Hartleys Group's capital markets business on November 1, four months after the deal was announced. The price was A$145 million in cash, agreed in June, and BMO's completion release gave no updated figure. About 40 Perth-based staff move across, bringing equities research, institutional sales and trading, equity capital markets and merger advisory work.

The purchase gives BMO something it did not have in 22 years of operating in Australia: a local equities platform. Its Melbourne office, open since 2004, was a corporate and investment banking outpost. The Perth team sits inside a market where small and mid-cap mining companies raise capital continuously, which is the business BMO's global metals and mining franchise already serves from Toronto and London.

Why it matters

One of the Perth brokers that raises money for Australian mining companies now belongs to a Canadian bank with a global mining franchise.

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Key Indicators

A$145M
Purchase price
All-cash consideration agreed in June 2026, subject to customary completion adjustments.
~40
Staff joining BMO
Euroz Hartleys team members expected to move to BMO Capital Markets at closing.
A$4.6B
Equity capital raisings, FY2026
Euroz Hartleys group figure for the year to June 30, 2026, up from about A$1.6 billion a year earlier.
A$5.16B
Funds under management
Private wealth arm at June 30, 2026; that business stays independent of BMO.
2004
Year BMO opened in Australia
A Melbourne office, until now the bank's only Australian base.

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People Involved

AM
Andrew McKenzie
Executive chair of Euroz Hartleys Group
Expected to move to the capital markets business under BMO; staying on as a Euroz Hartleys non-executive director for the short to medium term
TB
Tim Bunney
Managing director of Euroz Hartleys Group
Expected to move to the capital markets business under BMO; remaining a Euroz Hartleys non-executive director for now

Organizations Involved

BMO Financial Group
BMO Financial Group
Bank holding company
Buyer; completed the acquisition on November 1, 2026

Canada's oldest bank, which has spent two decades building a metals and mining investment banking franchise sold from Toronto, London and now Perth.
EH
Euroz Hartleys Group Limited
Listed financial services company (ASX: EZL)
Seller; now a standalone private wealth business under the Euroz Hartleys and Entrust Wealth Management brands

Perth firm that sold its capital markets arm to BMO and kept its private wealth business, with A$5.16 billion under management at June 30, 2026.

Timeline

June 2026 November 2026

5 events Latest: Today
Tap a bar to jump to that date

  1. Acquisition completes

    Today Deal

    BMO takes ownership of the Perth capital markets business; roughly 40 staff join and a strategic alliance with the remaining wealth firm begins.

  2. Shareholders approve the sale

    Vote

    The general meeting passes the resolution, clearing the main remaining hurdle.

  3. Conditions precedent still outstanding

    Statement

    Euroz Hartleys says alliance, transitional services and settlement agreements are drafted but unsigned; end date is January 31, 2027.

  4. Explanatory booklet issued to shareholders

    Filing

    Euroz Hartleys sends shareholders the scheme documents and notice for an October 16 general meeting.

  5. BMO agrees to buy the capital markets arm

    Deal

    Definitive agreement sets A$145 million cash consideration and an expected close in the fourth quarter of 2026.

Scenarios

1

BMO's Perth desk is running under its own name by mid-2027

Likely Resolves by Q2 2027

Discussed by: BMO's completion release, which describes an integrated Australia, North America and Europe platform

The 40 transferred staff work as BMO Capital Markets employees, with Australian research and equity capital markets coverage sold to clients alongside the Toronto and London mining teams. The alliance with Euroz Hartleys supplies private wealth clients as a distribution channel. Trigger: standard post-close integration and rebranding of the Perth office.

2

Euroz Hartleys pays out the sale proceeds to shareholders

Likely Resolves by Q2 2027

Discussed by: Euroz Hartleys, which said it intends to distribute post-tax net proceeds via a fully franked dividend and capital return

The company converts the cash from BMO into a distribution. The October 14 update noted the announcement did not set out a distribution schedule, so timing and amount remain open. Trigger: board resolution and an ASX announcement once completion adjustments are settled.

3

Euroz Hartleys names a permanent chief executive

Likely Resolves by Q2 2027

Discussed by: Euroz Hartleys, which said it began an internal and external search after Bunney's expected departure

With both the executive chair and managing director heading to BMO, the wealth business needs new leadership and a board tilted toward private wealth. The company said the board and chair role would change over time. Trigger: a completed search and an ASX notice of appointment.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

2004

BMO opens a Melbourne office (2004)

BMO established an Australian presence with a single Melbourne office serving corporate and institutional clients. It spent two decades there without an Australian equities or research business.

Then

A small outpost inside a much larger global investment bank.

Now

The office became the base for cross-border mining and resources work, which the Perth acquisition now extends into local equity distribution.

Why this matters now

It sets the scale of the change: from one corporate banking office to a capital markets platform with local research, sales and equity raising.

December 2010 - July 2011

BMO buys Marshall & Ilsley (2011)

BMO agreed to acquire Milwaukee-based Marshall & Ilsley in an all-stock deal, roughly doubling its US branch footprint in the Midwest. The transaction closed the following July after shareholder and regulatory approvals.

Then

BMO absorbed a large regional US bank and rebranded the combined branch network under the BMO Harris name.

Now

The US became a second home market, contributing a substantial share of the bank's earnings.

March - September 2022

RBC buys Brewin Dolphin (2022)

Royal Bank of Canada agreed to acquire UK wealth manager Brewin Dolphin, extending its wealth business into the British market. The deal completed later that year after shareholder and regulatory approval.

Then

RBC merged the business into its wealth management division and rebranded it.

Now

The purchase gave RBC a larger UK advisory footprint and a base for further wealth expansion.

Sources

(6)
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BMO Newsroom Mugglehead Euroz Hartleys Group (ASX announcement) Euroz Hartleys Group (ASX announcement) Financial Standard BMO Newsroom