RBC and BMO Sell Moneris to Francisco Partners for C$2 Billion #

Royal Bank of Canada and BMO Financial Group have signed a definitive agreement to sell Moneris Solutions Corporation, their jointly owned payments processing venture, to San Francisco-based private equity firm Francisco Partners for approximately C$2 billion (around US$1.44 billion) in cash. The deal was announced on 10 August 2026 and is subject to customary regulatory approvals.

The two banks each hold a 50 percent stake in Moneris and will receive equal shares of the proceeds. RBC expects to book an after-tax gain of roughly C$475 million on the transaction. BMO anticipates a larger after-tax gain of approximately C$600 million, which it plans to treat as an adjusting item in its results.

Neither bank is exiting the payments business entirely. According to the companies’ joint announcement, both RBC and BMO will enter into new long-term exclusive customer referral arrangements with Moneris upon closing, preserving their commercial relationships with the platform and its merchant base.

Moneris was founded as a joint venture between the two lenders and has grown into one of Canada’s largest payments processors, supporting payment acceptance across more than 325,000 points of commerce nationwide. Its products include in-store terminals, self-serve kiosks, mobile point-of-sale devices, online checkout integrations, and an ecommerce platform for the Canadian market.

As part of the transaction, Jeff Sloan, former President and Chief Executive of Global Payments Inc., will join Moneris as Executive Chairman. Moneris President and Chief Executive James Hicks described the deal as “an exciting next step” in the company’s evolution.

Francisco Partners, which focuses on technology investments, is acquiring the business with a stated aim of accelerating Moneris’s growth strategy and its ability to serve Canadian businesses. The transaction is expected to close in the first quarter of RBC’s fiscal year 2027.

Source: PR Newswire