Bank of Montreal to wind down non-Canadian energy banking business: spokesman

FILE PHOTO: A streetcar passes the Bank of Montreal in the financial district as the provincial phase 2 of reopening from the coronavirus disease (COVID-19) restrictions begins in Toronto, Ontario, Canada June 24, 2020. REUTERS/Carlos Osorio/File Photo

TORONTO (Reuters) - Bank of Montreal is winding down its energy business outside of Canada, a spokesman for the lender said on Tuesday.

“We’ve made the financial decision for an orderly wind-down of our non-Canadian investment and corporate banking energy business,” the spokesman said in an e-mailed statement.

“Going forward, BMO Capital Market’s Energy business will be focused on the Canadian energy market,” where it has the strongest competitive positioning and the most attractive financial opportunity, he added.

Bloomberg on Monday reported that the bank was exiting its oil and gas investment banking business in the United States, eliminating about 50 positions.

Reporting By Nichola Saminather. Editing by Jane Merriman