AI news brief
Moneris sale to U.S. owner adds risk to Canada’s data sovereignty, payments industry leaders warn
Globe and Mail - Business - 2026-08-12
AI Summary
Royal Bank of Canada and BMO have agreed to sell their stake in Canadian payment processor Moneris to U.S.-based Francisco Partners for approximately $2 billion. Industry leaders are raising concerns about data sovereignty and the potential risk to Canada's financial infrastructure with foreign ownership of a major payment processor. The sale requires regulatory approvals, including under the Competition Act and potentially the Investment Canada Act.
Key takeaways
- RBC and BMO selling Moneris to Francisco Partners for $2 billion.
- Concerns raised about Canadian data sovereignty and financial infrastructure.
- Sale is subject to regulatory approvals, including Competition Act review.
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