Bank of Montreal, Canada's fourth-largest lender, plans to sell its U.S. record-keeping business for 401(k) retirement accounts, according to people familiar with the transaction.
The operation is valued at about $100 million and has been offered to a small number of potential buyers, said the people, who asked not to be identified because the sale is private. Ralph Marranca, a spokesman for the Toronto-based bank, declined to comment.
The lender's retirement services business in the U.S. provides administration and record-keeping for companies and organizations. The firm administers more than 1,000 401(k) plans involving about 500,000 participants, according to its website.