BMO Capital Markets to boost U.S. municipal bond market presence with acquisition

“GKST's national presence in municipal banking along with a strong and well diversified investor base positions us very well for the future as more U.S. municipalities seek to finance their infrastructure needs”

- BMO Capital Markets (TSX:BMO) has agreed to buy Chicago municipal bond dealer Griffin, Kubik, Stephens & Thompson Inc. for an undisclosed amount, building its presence in U.S. municipal bond market.

The investment and corporate banking arm of BMO Financial said the acquisition will make it the sixth-largest bank-qualified municipal bond dealer in the United States and the largest in Illinois.

"This acquisition allows us to grow our U.S. fixed income business by broadening our scope and more than doubling the size of our municipal bond business," BMO Capital Markets CEO Tom Milroy said in a statement. Read more