BMO Capital expands muni capability by acquiring Griffin, Kubik

By Susanna Moon

Chicago, April 21 - BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group, announced a definitive agreement to acquire Griffin, Kubik, Stephens & Thompson Inc.

The acquisition would make BMO Capital Markets the sixth largest bank qualified municipal bond dealer in the United States and the largest in Illinois, according to a company press release.

Griffin, Kubik is a Chicago-based full-service registered investment dealer specializing in debt securities, including municipal bonds, U.S. Treasury debt, agencies and mortgage-backed securities. Services include fixed-income trading, underwriting, portfolio analysis and research.

The deal is expected to close in June. Terms are not being disclosed, the release said.

"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," Tom Milroy, chief executive officer for BMO Capital Markets, said in the release.

Griffin, Kubik'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," Milroy added.

BMO Capital Markets is a financial services provider based in Toronto.

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