BMO refocuses Wealth Management business for North American growth, announces sale of EMEA Asset Management business

Toronto (ots/PRNewswire) -

- Ameriprise Financial to purchase BMO's EMEA asset management business
- Transaction supports BMO's goals to optimize efficiency and to focus capital
and investment in areas where it has an advantaged market position, including
its North American Wealth Management business
- BMO Wealth Management to enter into strategic relationship with Columbia
Threadneedle Investments, the global asset management business of Ameriprise,
giving its North American Wealth clients opportunities to access a wide range
of Columbia Threadneedle's leading investment management solutions
- BMO Capital Markets maintains active international presence

- BMO Financial Group (TSX: BMO) (NYSE: BMO) announced today that it has reached
a definitive agreement with Ameriprise Financial, Inc. (NYSE: AMP) to sell the
entities that represent its EMEA Asset Management business. Under terms of the
agreement, Ameriprise Financial will purchase BMO's EMEA asset management
business for GBP615 million or approximately CAD $1,089 million, in an all-cash
transaction, subject to regulatory approvals, and other customary closing
conditions. Separately, in the U.S. the transaction includes the opportunity for
certain BMO asset management clients to move to Columbia Threadneedle
Investments, subject to client consent. The terms of the U.S. agreement were not
disclosed.

"This transaction is consistent with BMO's focus on long-term profitability as a
leading North American bank and wealth manager, and enables us to focus our
resources where we have a competitive advantage and are well-positioned to
deliver growth and accretive returns," said Joanna Rotenberg, Group Head, BMO
Wealth Management. "We will continue to invest in our diversified North American
Wealth businesses, including our Canadian asset management business, to provide
an unrivalled experience for our clients as their needs change."

Columbia Threadneedle is Ameriprise Financial's global asset management
business, overseeing investments for individuals, advisors and wealth managers,
as well as institutions. The transaction significantly increases Columbia
Threadneedle's EMEA business and brings BMO GAM's talent and strategic
capabilities in EMEA to Columbia Threadneedle that can be leveraged globally,
including its expertise in Responsible Investment, Liability Driven Investing,
Fiduciary management, European Real Estate and Investment Trusts.

As part of the transaction, BMO and Columbia Threadneedle will also establish a