Bloomberg News

TORONTO — Bank of Montreal, Canada’s fifth-largest bank by assets, has applied for a license from the Department of Finance to set up a life insurance subsidiary, the Globe and Mail said, citing a notice in a government newsletter.

Through BMO Life Insurance Co., Bank of Montreal plans to underwrite life insurance products and sell them directly and through independent brokers as well as brokerage unit BMO Nesbitt Burns Inc., the newspaper said, citing spokesman Ralph Marranca.

The bank, based in Toronto, is at an early stage at developing the business and isn’t ready to introduce it, the Globe quoted Marranca as saying. He provided no further details.

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