11:32 AM EST, 01/10/2025 (MT Newswires) -- Bank of Montreal ( BERZ ) on Friday said it is teaming up with alternative asset manager Canal Road Group (CRG) which specializes in senior secured corporate-debt investments for companies in North America.

The partnership will combine BMO's banking client reach, origination, and capital markets skills with CRG's growing capital base and track record of investment management. BMO will hold a non-voting minority stake in CRG's management company. According to a statement, BMO's commitment to CRG will enable it to invest up to $1 billion in support of their direct lending strategy.

"This exciting project brings BMO together with CRG to offer a full suite of innovative, private financing solutions to our clients," said Alan Tannenbaum, CEO & Group Head, BMO Capital Markets. "By leveraging BMO's robust banking, capital markets and sponsor finance platforms alongside CRG's expanding capital resources, clients will have access to the full array of financing solutions tailored to support their evolving needs and strategic objectives."

Earlier Friday, BMO entered into an automatic securities purchase plan in order to facilitate repurchases of its shares in connection with a previously announced normal course issuer bid.

BMO was last seen down $0.89 to $140.74 on the Toronto Stock Exchange.

Price: 140.76, Change: -0.87, Percent Change: -0.61