The Financial institution of Montreal is exiting the retail auto finance enterprise, because it seems to be to redeploy assets to areas the place its “aggressive positioning is strongest.”

The Montreal-based lender will stop making shopper automobile loans, however proceed providing financing for sellers, BMO spokesperson Jeff Roman confirmed Sept. 15.

“By winding down the oblique retail auto finance enterprise, we have now the flexibility to focus our assets on areas the place we consider our aggressive positioning is strongest,” he wrote in an e-mail.

The transfer will end in layoffs, however the firm wouldn’t say what number of. Roman stated the financial institution “is working carefully with affected workers to offer assist and to make sure they’re handled with equity and respect.”

BMO and its American unit greatest often called BMO Harris Financial institution supply auto loans to customers by way of a broad vary of sellers in each international locations.