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Goodbye, side hustle
Royal Bank of Canada is doing what a lot of people wish their portfolio could do: selling the awkward old thing and moving on. RBC, together with BMO Financial Group, agreed to sell jointly owned Moneris Solutions — a commerce payments provider — to Francisco Partners for about $2 billion.
Why this matters
Moneris isn’t RBC’s core banking engine, but it’s been a useful adjacent asset. The deal turns that partnership into cash, which can be redeployed into the stuff banks actually like bragging about: capital strength, buybacks, and lending.
The investor angle
A few things to watch here:
- RBC gets a cleaner business mix, which usually makes a bank easier to understand and value.
- The sale price gives investors a real-world read on what non-core assets are worth in today’s market.
- BMO is in the same boat, since this is a joint exit rather than a solo move.
Big picture: this is less “dramatic takeover saga” and more “grown-up housekeeping,” but markets tend to like housekeeping when it comes with a fat check.