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BMO Financial Group says it has signed a deal to sell its private banking business in Hong Kong and Singapore to J. Safra Sarasin Group.

Financial terms of the agreement were not disclosed.

BMO says J. Safra Sarasin has a strong reputation for client service and it is confident that they are well positioned to service its private banking clients in Hong Kong and Singapore.

The Canadian bank says the Hong Kong and Singapore markets remain important and it looks forward to continuing its service to corporate and institutional clients in Asia.

The deal is subject to regulatory approvals.

The acquisition is expected to close during the first half of 2021.