Bank of Montreal, Canada’s fourth- largest lender by assets, fell the most in almost three years after profit excluding an accounting gain missed analysts’ estimates and earnings from U.S. operations declined.
Aimia Inc.’s decision to move its Aeroplan reward-partnership to Toronto-Dominion Bank is a blow to Canadian Imperial Bank of Commerce, which stands to lose customers and as much as C$3 billion ($2.9 billion) in credit- card balances.
Bank of Montreal has spent 28 years trying to make inroads in the U.S. Midwest. The efforts of Canada’s fourth-largest lender are starting to pay off, thanks to its C$4.1 billion ($3.98 billion) takeover of Marshall & Ilsley Corp. in Wisconsin.
Bank of Montreal, Canada’s fourth- largest lender by assets, posted quarterly profit that beat analysts’ estimates on gains in wealth management. The bank raised its dividend 2.7 percent to 76 cents a share.
Toronto-Dominion Bank could reach an agreement to acquire about half of Canadian Imperial Bank of Commerce’s Aerogold Visa portfolio, expanding its credit-card offerings as banks try to counter a consumer-lending slowdown.
Sun Life Financial Inc., Canada’s third-largest insurer, said a $1.35 billion agreement to sell its U.S. annuity business to a firm owned by Guggenheim Partners LLC shareholders has been delayed amid a regulatory review.