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BMO takeover of Air Miles now official

BMO Financial Group says it closed its acquisition of the Air Miles loyalty rewards program in Canada on Thursday.

The bank says it plans to expand the program with new ways to earn and redeem points, including an improved travel booking platform and a new way for collectors to earn Bonus Miles through receipt scanning.

BMO announced in March it would purchase Air Miles, after the program's U.S. parent company filed for bankruptcy.

Air Miles is one of the oldest and largest loyalty programs in Canada, with nearly 10 million active users.

Air Miles president Shawn Stewart says the acquisition gives the program stability and an opportunity to invest in the program.

BMO says users will also have new opportunities to earn and redeem points with Canadian fashion, travel, grocery, meal delivery, home goods and technology brands.