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TORONTO, Nov 16 (Reuters) - Bank of Montreal, Canada's No. 4 bank by market capitalization, said on Monday it is taking over Paloma Securities LLC, a U.S.-based securities lender, for an undisclosed amount. BMO said its investment and corporate banking arm, BMO Capital Markets, has a definitive agreement with Greenwich, Connecticut-based Paloma to hire its global securities lending team and to assets used in its securities lending business. "Expanding our securities lending operation fits with our strategy of disciplined growth that focuses on our core clients," Tom Milroy, chief executive of BMO Capital Markets, said in a statement. "The addition of this lending team from Paloma Securities complements our existing capability in North America and provides us with a platform to build on for future opportunities in the United States and internationally." Paloma Securities is a subsidiary of Paloma Partners and has offices in Greenwich, New York, Seattle, London and Melbourne, Australia. Paloma Partners is a hedge fund with over $1.7 billion of investments. The transaction, which is subject to regulatory approval, is expected to close in mid-December. ($1=$1.05 Canadian) (Reporting by John McCrank; Editing by Frank McGurty) Keywords: BMO/PALOMASECURITIES (john.mccrank@thomsonreuters.com; +1 416 941 8083; Reuters Messaging: john.mccrank.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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