BMO to shutter retail auto finance business as bad debt mounts
Canadian Manufacturing
SEPTEMBER 17, 2023
BMO Financial Group plans to close its retail auto finance business in order to reroute resources, as borrowers dig deep to stay on top of recent interest rate hikes. In its retail line, the bank’s provisions for credit losses rose 800 per cent to $81 million last quarter from $9 million the year before.
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