Bank of Montreal

Bank of Montreal TSX: BMO NYSE: BMO is Canada's fifth largest banks, and is classified as a Domestic Chartered Bank (Schedule I). Bank of Montreal was founded in 1817, making it Canada's oldest bank. It operates under the corporate brand BMO Financial Group; the services of the bank itself are now marketed as BMO Bank of Montreal.

History

First Canadian Place

The Bank of Montreal is Canada's oldest chartered bank and began business in 1817. It has been referred to as BMO or Canada's First Bank.

The Bank opened in Montreal, Quebec on November 3, 1817. For the first few years of its existence, the Bank occupied a small building on Saint Paul Street. John Grey, a retired dry goods merchant, was the first President of the Bank of Montreal and Robert Griffin worked as the first cashier.

The Bank of Montreal served as Canada's central bank until the creation of the Bank of Canada in 1935. It played a major role in the development of the country, taking part in the financing of the first transcontinental railway in the 1880s. The first Canadian bank to open a branch abroad, the Bank of Montreal is today a major international bank with 1,100 branches across Canada and around the world. In 1977, the BMO's Head Office moved to Toronto, Canada's economical engine.

Mergers

Through its history, Bank of Montreal has merged with several other Canadian banks:

  • Commercial Bank of Canada (1868)
  • Exchange Bank of Yarmouth (1903)
  • People's Bank of Halifax (1905)
  • People's Bank of New Brunswick (1907)
  • Bank of British North America (1918)
  • Merchants Bank of Canada (1922)
  • Molson Bank (1925)

Operations

Bank of Montreal at Square One shopping mall

BMO Bank of Montreal is one division within BMO Financial Group:

  • BMO Bank of Montreal — banking services
  • BMO Harris — US operations
  • BMO InvestorLine
  • BMO Life
  • BMO Nesbitt Burns

The bank's stock is listed on both the Toronto and New York stock exchanges under the symbol BMO .

Corporate governance

Current members of the board of directors of BMO are: Robert Astley, Stephen Bachand, David Beatty, Robert Chevrier, Anthony Comper, Ronald Farmer, David Galloway, Harold Kvisle, Eva L. Kwok, Bruce Mitchell, Philip Orsino, Robert Prichard, Jeremy Reitman, Guylaine Saucier, and Nancy Southern.

Headquarters

The BMO still has an office located on Saint Jacques Street in Montreal, but that office only controls the bank's economical (and somewhat political) relation with the province of Quebec, thus most decision-making is made at their official Toronto headquarters at the First Canadian Place. This reflects the preponderant place of the Toronto Stock Exchange in the Canadian economy and, probably although it is not acknowledged, concerns about separatism in Quebec.

Recent mergers and merger attempts

Purchase of Harris Bankcorp (1984)

In 1984 the bank greatly expanded its operations in the United States by purchasing Chicago's Harris Bank.

Proposed merger with RBC (1998)

In 1998 the Bank of Montreal shocked the Canadian financial community by announcing plans to merge with the Royal Bank of Canada. The Canadian government later blocked the proposed merger.

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:

  • Interac
  • MasterCard International
  • Cirrus Network for MasterCard card users

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It is also a member of:. After election Isaias Samakuva won and it is today the new president elected of UNITA. 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. The interim leader, secretary-general, and also a candidate, is General Paulo Lukamba; his opponents are Dinho Chingunji and Isaias Samakuva. The Canadian government later blocked the proposed merger. As of June 2003 UNITA has not yet chosen a new leader. In 1998 the Bank of Montreal shocked the Canadian financial community by announcing plans to merge with the Royal Bank of Canada. Savimbi was apparently succeeded by Antonio Dembo, who died shortly after Savimbi.

In 1984 the bank greatly expanded its operations in the United States by purchasing Chicago's Harris Bank. In August, UNITA officially gave up its armed wing, effectively ending the civil war. This reflects the preponderant place of the Toronto Stock Exchange in the Canadian economy and, probably although it is not acknowledged, concerns about separatism in Quebec. Under an amnesty agreement, UNITA soldiers and their families, about 350,000 people, were gathered in 33 demobilisation camps under the Program For Social and Productive Reintegration of Demobilizeds and War Displaced People. The BMO still has an office located on Saint Jacques Street in Montreal, but that office only controls the bank's economical (and somewhat political) relation with the province of Quebec, thus most decision-making is made at their official Toronto headquarters at the First Canadian Place. The conflict ended only after the death of Savimbi in an ambush in February 2002, after which UNITA agreed a ceasefire with the government in April 2002. Kwok, Bruce Mitchell, Philip Orsino, Robert Prichard, Jeremy Reitman, Guylaine Saucier, and Nancy Southern. UNITA then returned to guerilla tactics.

Current members of the board of directors of BMO are: Robert Astley, Stephen Bachand, David Beatty, Robert Chevrier, Anthony Comper, Ronald Farmer, David Galloway, Harold Kvisle, Eva L. UNITA again broke away from this agreement in 1998, but an MPLA offensive in 1999 destroyed UNITA as a conventional force. The bank's stock is listed on both the Toronto and New York stock exchanges under the symbol BMO . peacekeepers arrived. BMO Bank of Montreal is one division within BMO Financial Group:. In 1995, U.N. Through its history, Bank of Montreal has merged with several other Canadian banks:. After failed talks in 1993, another agreement, the Lusaka Protocol, was implemented in 1994 to form a government of national unity.

In 1977, the BMO's Head Office moved to Toronto, Canada's economical engine. implemented an embargo against UNITA, and the U.S, government finally recognized the MPLA government. The first Canadian bank to open a branch abroad, the Bank of Montreal is today a major international bank with 1,100 branches across Canada and around the world. The U.N. It played a major role in the development of the country, taking part in the financing of the first transcontinental railway in the 1880s. Failing to win an overall majority and questioning the election's legitimacy, UNITA returned to armed conflict, this time establishing a base in Huambo. The Bank of Montreal served as Canada's central bank until the creation of the Bank of Canada in 1935. Following the 1991 Bicesse Accord, signed in Lisbon, there were United Nations-brokered elections between Savimbi and dos Santos in 1992.

John Grey, a retired dry goods merchant, was the first President of the Bank of Montreal and Robert Griffin worked as the first cashier. A ceasefire was negotiated and the MPLA leader José Eduardo dos Santos and Central Committee rejected its Marxist past and proposed democracy. For the first few years of its existence, the Bank occupied a small building on Saint Paul Street. Fighting continued until 1989, when, with UNITA advancing militarily, Cuba withdrew its support and 50,000 troops from the MPLA. The Bank opened in Montreal, Quebec on November 3, 1817. Savimbi drew the praise of former President Ronald Reagan, who hailed him as a freedom fighter and spoke of Savimbi winning a victory that "electrifies the world.". It has been referred to as BMO or Canada's First Bank. Johns and other American conservatives met regularly with Savimbi in his clandestine military camps in southern Angola.

The Bank of Montreal is Canada's oldest chartered bank and began business in 1817. In the late 1980s, Savimbi was influenced heavily by military and political guidance from American conservatives, including The Heritage Foundation's Michael Johns, who helped elevate Savimbi's stature in Washington and facilitated the transfer of American weapons to his war. . UNITA controlled much of the highlands interior, notably the Bié plateau. It operates under the corporate brand BMO Financial Group; the services of the bank itself are now marketed as BMO Bank of Montreal. The MPLA was strongest in the cities, the coastal region and the strategic oil-fields. Bank of Montreal was founded in 1817, making it Canada's oldest bank. support during the 1980s.

Bank of Montreal TSX: BMO NYSE: BMO is Canada's fifth largest banks, and is classified as a Domestic Chartered Bank (Schedule I). UNITA was hard-pressed but recovered with South African aid from 1975 and then U.S. Cirrus Network for MasterCard card users. UNITA was nearly destroyed in November 1975, but it survived and set up a second government in Huambo. MasterCard International. Backed by Cuban and Soviet money, weapons and troops, the MPLA broke the FNLA and forced them into exile. Interac. MPLA leader Agostinho Neto became the first president of Angola.

BMO Nesbitt Burns. After the Portuguese withdrawal in 1974-75 the groups splintered, creating civil war. BMO Life. Whatever its politics, UNITA guerillas proved themselves especially effective before and after independence. BMO InvestorLine. It was the most 'African' of the groups and was also considered the most radical. BMO Harris — US operations. Its leadership was drawn from the majority Ovimbundu tribal group and its policies were Maoist, aimed at rural rights and recognized ethnic divisions.

BMO Bank of Montreal — banking services. In March 1966, Jonas Savimbi broke with the FNLA to form his own group, UNITA, initially based in Muangai but later in Jamba in the southeast portion of the country. Molson Bank (1925). The two original groups were the National Liberation Front of Angola (FNLA, founded 1957) and the socialist Popular Movement for the Liberation of Angola (MPLA, founded 1956). Merchants Bank of Canada (1922). The group was formed from the politicized split in the Angolan independence movement. Bank of British North America (1918). From its foundation until his death, the group was dominated by its leader and founder, Jonas Savimbi.

People's Bank of New Brunswick (1907). Until 2002, the group was largely a military force and had been fighting a civil war since 1975. People's Bank of Halifax (1905). The União Nacional para a Independência Total de Angola (UNITA) is an Angolan political faction. Exchange Bank of Yarmouth (1903). Commercial Bank of Canada (1868).

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