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Royal Bank of Canada and Bank of Montreal are looking to offload payments processing joint venture Moneris for up to $2 billion, according to Reuters.
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Founded by the two Canadian banking giants in 2000, Moneris handles a third of all business transactions in the country.
RBC and BMO have brought in advisors to explore a potential sale of the business which brings in around $700 million in annual revenues, says Reuters, citing sources.
Banks have shed their payments operations in recent years; last month another Canadian lender, TD, agreed to offload part of its merchant processing business to Fiserv.
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