Posted AT 2:30 PM EST on 13/01/09
BMO buys AIG's Canadian unit
Bank of Montreal is boosting its insurance operations by buying embattled U.S. insurer American International Group Inc.'s Canadian life business for $375-million in cash.
The bank said Tuesday that the business will broaden the range of insurance, financial planning and investment products it can sell to customers and that it expects the acquisition to be profitable within a year.
The deal requires regulatory approvals and is expected to close June 1.
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