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"BMO" redirects here. For other uses, see BMO (disambiguation).
 The Bank of Montreal (in French, Banque de Montréal, and commonly BMO in either language) is the fourth largest bank in Canada by deposits. The Bank of Montreal was founded in 1817, making it Canada's oldest bank. In Canada, the company operates as BMO Bank of Montreal and has more than 900 branches.[1]. The company also has substantial operations in the Chicago area and elsewhere in the United States, where it operates as Harris Bank and as BMO Harris. The company is ranked at number 189 on the Forbes Global 2000 list.[2]
[edit] History BMO (pronounced Bee-Moe) today is a major international bank with 1,100 branches across Canada and around the world. In 1977, BMO's operational headquarters moved to Toronto, while its legal head office remained in Montreal. Today, Bank of Montreal has assets of more than $387 billion CAD. (Source: http://www.bmo.com) [edit] Mergers During its history, Bank of Montreal has merged with or acquired several other Canadian banks:
[edit] FoundersThe following nine merchants signed the Articles of Association for the creation of the "Montreal Bank" on June 23, 1817:[3]
[edit] Presidents
[edit] Chief Executive OfficerCurrently, the top executive at the Bank of Montreal is styled President and Chief Executive Officer. That officer often also held the title of chairman of the board, until 2003 when a non-executive chairman was appointed. Prior to becoming CEO, they also spent time as chief operating officer (COO), the second-highest executive which was often formally titled President and Chief Operating Officer, if the top executive was titled Chairman and CEO. (partial list)
[edit] Operations  BMO is divided into three "client groups" which serve different markets. Each of the client groups operates under multiple brand names.
In October 2008, BMO Financial Group was named one of Greater Toronto's Top Employers by Mediacorp Canada Inc., which was announced by the Toronto Star newspaper.[4] [edit] Corporate governanceCurrent members of the board of directors of BMO are: Robert Astley, Stephen Bachand, David Beatty, Robert Chevrier, Bill Downe, Ronald Farmer, David A. Galloway, Harold Kvisle, Eva L. Kwok, Bruce Mitchell, Philip Orsino, Robert Prichard, Jeremy Reitman, Guylaine Saucier, Don M. Wilson III, and Nancy Southern. [edit] Headquarters BMO still has its official legal corporate head office in Montreal, located on Saint-Jacques Street. However, the Chairman and President and most senior division executives work out of Toronto headquarters at First Canadian Place. Under the direction of the Toronto executive, the Montreal Place d'Armes office oversees the bank's economic (and, to some extent, political) relation with the province of Quebec. This reflects the preponderant place of the Toronto Stock Exchange and Bay Street in the Canadian economy. [edit] Sport events sponsorshipBMO is the sponsor for this season of the Toronto Maple Leafs and the Toronto Raptors. BMO Bank of Montreal is the current title sponsor for the marathon race for the Vancouver International Marathon Society held each year in May. The current name is "BMO Bank of Montreal Vancouver Marathon". Bank of Montreal is also a major sponsor of Skate Canada, and is the title sponsor of the BMO Financial Group Canadian Championships, BMO Financial Group Skate Canada Junior Nationals, BMO Financial Group Skate Canada Challenges, BMO Financial Group Skate Canada Sectionals, and BMO Financial Group Skate Canada Synchronized Championships. It is also the presenting sponsor of the CanSkate Learn-to-Skate Program.[3] BMO purchased the naming rights to the national soccer stadium (BMO Field) at Exhibition Place in Toronto, the home of the Major League Soccer team Toronto FC, which BMO is also sponsoring. BMO's logo is on the front of their jersey. On July 23, 2008 it was announced that BMO signed a one-race deal with IndyCar team Newman/Haas/Lanigan Racing to appear on the #06 car of Graham Rahal in the first-ever IRL-sanctioned Canadian IndyCar race at Edmonton.[5] [edit] Recent mergers and merger attempts[edit] Purchase of Harris Bankcorp (1984)In 1984 the bank greatly expanded its operations in the United States by purchasing Chicago's Harris Bank. [edit] Proposed merger with RBC (1998)In 1998 Bank of Montreal shocked the Canadian financial community by announcing plans to merge with RBC. The Canadian government later blocked the proposed merger. In December 2000, the banks were successful in merging their credit and debit card processing services to form Moneris Solutions. [edit] Purchase of GKST Inc (2008)In 2008 Bank of Montreal bought Griffin, Kubik, Stephans, and Thompson. GKST was a Chicago based employer that employs about 100 people in sales, trading, research, public finance and underwriting, and specializes in municipal bonds, U.S. Treasury and agency debt, and mortgage-backed securities.[6] [edit] Purchase of AIG Life Insurance Company of Canada (2009)In 2009, the Bank purchased AIG's Canadian life insurance business, AIG Life Insurance Company of Canada, for approximately $330 million CAD. The transaction, including 400,000 customers and 300 employees, makes BMO the second-biggest life insurer among Canadian banks. The company was renamed BMO Life Assurance Company. [edit] Membership
BMO is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:
[edit] References
[edit] External links[edit] Official sites[edit] Other sites
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