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The Bank of Montreal (French: Banque de Montréal), abbreviated as BMO (pronounced / ˈbiːmoʊ /), is a Canadian multinational investment bank and financial services company. The bank was founded in Montreal, Quebec, in 1817 as Montreal Bank, [5] making it Canada's oldest bank. [6] . In 2023, the company’s seat in Forbes Global 2000 was 84. [7] .
BMO is a leading North American bank driven by a single purpose: to Boldly Grow the Good in business and life. Our Purpose informs our strategy, drives our ambition, and reinforces our commitments to progress: for a thriving economy, a sustainable future and an inclusive society. Who we are.
Jul 31, 2024 · Bank of Montreal brands the organization’s member companies as BMO Financial Group. Note 26 of the consolidated financial statements lists the intercorporate relationships among Bank of Montreal and its significant subsidiaries.
It is the U.S. subsidiary of the Toronto -based multinational investment bank and financial services company Bank of Montreal, which owns it through the holding company BMO Financial Corporation (formerly Bankmont Financial Corporation, then Harris Financial Corporation).
- Founding and Early History: 1817–67
- Post-Confederation
- Early 20th Century and The First World War
- Interwar Years and The Great Depression
- Second World War and Late 20th Century
- 21st Century
BMO Financial Group, commonly known for its Bank of Montreal operations, is Canada’s oldest incorporated bank. Founded in Montreal in 1817 by a group of nine of the city’s most prominent figures, its original name was Montreal Bank. The bank was established primarily for business customers, helping them conduct their trades both in the city and bey...
As Canada continued to grow after Confederation, the Bank of Montreal focused its business lending on the rapidly growing lumber, railway and industrial companies. The boom in Canada’s foreign tradeat the time benefited the bank greatly. This encouraged it to open its first permanent branch in New York in 1859 and in London, England, in 1870. This ...
By the turn of the century, the Bank of Montreal had 52 branches and 562 employees. This growth required the expansion of a new head office in Montreal. It was completed in 1905 and remained its head office until 1960. The bank continued to grow by acquiring the Exchange Bank of Yarmouth, Nova Scotia, in 1903, the People’s Bank of Halifax in 1905, ...
Immediately post-war, in 1918, the Bank of Montreal acquired the Bank of British North America and its 79 branches. This strategic purchase of a prestigious competitor significantly increased the bank’s presence in Western Canada. Around this time, competition for deposits was growing among banks. The Bank of Montreal expanded its operations outsid...
During the Second World War, all activity of the bank was focused on maintaining its business and aiding in the war effort. In March 1942, George Spinney, general manager of the bank, was assigned to head the federal government’s National War Finance Committee. The combination of the depression followed by the war led to a reduction in the number o...
As an alternative to the merger, and to maintain a competitive growth rate, the Bank of Montreal implemented several strategies. First, it augmented the bank’s international operations when it purchased another Midwestern American bank, Marshall & Ilsley (M&I) of Milwaukee, Wisconsin, for US$4.1 billion in 2010. This transaction added US$63.5 billi...
BMO Canada offers a wide range of personal banking services including chequing and savings accounts, mortgages, credit cards, loans, investments and insurance.
Jul 16, 2024 · If you want to do all your banking with a single institution, and want access to in-person customer service, BMO is a solid option for you thanks to their wide array of products and numerous...
