BMO Financial Group has completed its acquisition of the Australian capital markets business of Euroz Hartleys, a Perth-based stockbroking and advisory firm, giving the Canadian bank a much larger presence in one of the world's most important centres for mining finance.
BMO announced on Sunday, November 1, that it had completed the purchase of the capital markets business of Euroz Hartleys Group Limited, which is listed on the Australian Securities Exchange, according to the bank's press release. BMO said the deal strengthens "its leading global metals and mining franchise" and expands BMO Capital Markets' presence in Australia. The bank did not disclose the purchase price in its announcement.
What BMO is acquiring
The acquired business provides equities research, institutional sales and trading, equity capital markets, mergers and acquisitions and strategic advisory services, according to BMO. The Euroz Hartleys capital markets team is based in Perth, which BMO said significantly expands its Australian capabilities.
BMO said the combined platform will connect clients to capital, investors and opportunities across Australia, North America and Europe.
BMO has operated in Australia since 2004, with an office in Melbourne. The addition of a Perth team gives it a presence in the capital of Western Australia, home to many of the country's largest mining companies and a hub for resource-focused investment banking.
Why Perth matters
Western Australia is one of the world's most important mining regions, producing large quantities of iron ore, gold, lithium, nickel and other minerals. Perth is home to the headquarters or major operations of many mining companies, from global giants to hundreds of smaller exploration and development companies listed on the ASX.
Smaller mining companies rely heavily on equity capital markets to fund exploration and development, and Perth-based brokers such as Euroz Hartleys have built strong relationships with these companies and with the investors who fund them. These relationships are valuable for global banks seeking to win advisory and capital-raising mandates in the sector.
BMO's mining franchise
BMO has long been one of the world's leading investment banks in metals and mining. It has been named the world's best metals and mining investment bank by Global Finance magazine for 17 consecutive years, according to the bank. Its mining expertise reflects Canada's position as a global centre for mining finance, with the Toronto Stock Exchange and TSX Venture Exchange listing more mining companies than any other exchange group.
Australia and Canada are the two dominant centres for mining equity finance, and many mining companies are listed on both the ASX and the TSX. By strengthening its Australian presence, BMO can better serve clients that operate across both markets and connect Australian companies with North American and European investors.
BMO is the eighth-largest bank in North America by assets, with total assets of $1.5 trillion as of July 31, 2026, according to the bank.
The critical minerals boom
The acquisition comes as demand for critical minerals is reshaping the global mining industry. The energy transition requires vast quantities of lithium, nickel, cobalt, copper, graphite and rare earths for batteries, electric vehicles, wind turbines and power grids. Governments in the United States, Europe, Japan, India and elsewhere are seeking to secure supplies of these minerals and reduce their dependence on China, which dominates the processing of many critical minerals.
Australia, with abundant reserves of many critical minerals and a stable political environment, has become a key partner for countries seeking to diversify their supply chains. Australian mining companies have attracted significant investment, and capital markets activity in the sector has been robust, although lithium prices have been volatile.
Gold has also been a major focus, with strong prices amid geopolitical uncertainty and central bank buying supporting the profits of gold miners and encouraging new capital raisings and acquisitions.
Consolidation in broking
The deal reflects consolidation in the Australian stockbroking and advisory industry, where mid-sized firms face pressure from rising compliance costs, technology investment and competition from global banks. For global banks, acquiring established local teams is often faster than building a presence from scratch.
For Euroz Hartleys, the sale of its capital markets business marks a significant strategic change for the Perth-based group.
Canada-Australia mining ties
The transaction strengthens financial links between Canada and Australia, two resource-rich Commonwealth countries with similar mining industries and legal systems. Canadian and Australian mining companies frequently invest in each other's markets, and cross-border mergers in the sector are common.
The India angle
India is seeking to secure supplies of critical minerals for its growing electric vehicle and renewable energy industries. Its state-owned company Khanij Bidesh India Limited (KABIL) has signed agreements to explore lithium and other minerals in Australia, Argentina and other countries, and India and Australia have deepened cooperation on critical minerals under their economic partnership. Indian companies investing in Australian mining projects may benefit from the presence of global banks with strong local expertise.
The investment banking backdrop
Global investment banks have been competing to strengthen their positions in mining and resources finance, as the energy transition and geopolitical competition over critical minerals drive deal activity. Mining mergers and acquisitions have picked up as large companies seek to secure supplies of copper and other minerals, and equity raisings have funded new mines and processing projects.
For BMO, the acquisition adds research coverage of Australian mining and resources companies and relationships with institutional investors in the region, both of which are important for winning mandates.
The integration of the Perth team will also give BMO's clients in North America and Europe better access to Australian investment opportunities, while offering Australian companies a route to deeper pools of international capital.
BMO's broader strategy has included targeted acquisitions to strengthen its businesses, including its large purchase of Bank of the West in the United States in 2023. The Euroz Hartleys deal is much smaller, but it reflects the same approach of buying established teams and franchises in markets where the bank sees long-term growth opportunities.
What comes next
BMO will integrate the Euroz Hartleys team into BMO Capital Markets and seek to expand its share of mining advisory and capital-raising business in Australia. Its success will depend on retaining key staff and client relationships, which are critical in relationship-driven businesses such as stockbroking and investment banking. With demand for critical minerals expected to grow for decades, BMO is betting that a stronger presence in Perth will pay off as mining companies seek capital to develop new projects.
