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Or sign-in if you have an account.Moneris, a payment processing company, was created as a joint venture between RBC and BMO in 2000. Photo by Peter J. Thompson/National PostRoyal Bank of Canada and Bank of Montreal are selling payment processor Moneris Solutions Corp. to San Francisco-based investment firm Francisco Partners for $2 billion.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorOnce the sale of the company that helps businesses accept card and digital payments is completed, RBC expects to earn about $475 million after tax, while BMO will gain approximately $600 million. Neither bank expects the sale to have a significant impact on future earnings.“We view this transaction as incrementally positive for both banks, crystallizing value from a non-core asset, adding capital to the war chest,” Matthew Lee, an analyst at Canaccord Genuity Corp., said in a note. “It fits the broader sector trend of banks simplifying their balance sheets and monetizing non-core holdings to redeploy capital.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againCanada’s big banks regularly sell businesses or operations that they no longer consider as part of their core business. For example, BMO in May said that it was selling a majority interest in its transportation and finance lending businesses.Moneris was created as a joint venture between RBC and BMO in 2000 and now helps 325,000 businesses and sales locations accept payments, representing one in three transactions in Canada.“Moneris has played a central role in enabling Canadian businesses to modernize and scale by connecting them with more consumers, Sean Amato-Gauci, RBC’s group head of commercial banking said in a statement on Monday.The deal will allow Moneris to grow further, Moneris chief executive James Hick said, because Francisco Partners has a track record for growing technology-based businesses, as evidenced by its investments in companies such as Hypercom Corp., Paymetric Inc., PayLease LLC and Verifone Inc.Francisco Partners sees a significant opportunity for long-term growth with Moneris “while preserving the deeply Canadian identity,” Peter Christodoulo, who is a partner at the company, said in a statement.The deal is expected to close by the end of the first quarter of 2027. Despite selling the company, both RBC and BMO will continue to partner with Moneris in the form of exclusive, long-term referral arrangements. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.