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:. Since the incident there have been efforts to rename the town Galole. 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. Camp Hola was the site of the Hola massacre in 1959, which saw eleven Kenyans killed by British troops. The Canadian government later blocked the proposed merger. Hola, also known as Galole is a small town in Kenya on the Tana River, in the Coast Province with a population of 930. In 1998 the Bank of Montreal shocked the Canadian financial community by announcing plans to merge with the Royal Bank of Canada.

In 1984 the bank greatly expanded its operations in the United States by purchasing Chicago's Harris Bank. 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. 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. Kwok, Bruce Mitchell, Philip Orsino, Robert Prichard, Jeremy Reitman, Guylaine Saucier, and Nancy Southern.

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. The bank's stock is listed on both the Toronto and New York stock exchanges under the symbol BMO . BMO Bank of Montreal is one division within BMO Financial Group:. Through its history, Bank of Montreal has merged with several other Canadian banks:.

In 1977, the BMO's Head Office moved to Toronto, Canada's economical engine. 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. 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 Bank of Montreal served as Canada's central bank until the creation of the Bank of Canada in 1935.

John Grey, a retired dry goods merchant, was the first President of the Bank of Montreal and Robert Griffin worked as the first cashier. For the first few years of its existence, the Bank occupied a small building on Saint Paul Street. The Bank opened in Montreal, Quebec on November 3, 1817. It has been referred to as BMO or Canada's First Bank.

The Bank of Montreal is Canada's oldest chartered bank and began business in 1817. . It operates under the corporate brand BMO Financial Group; the services of the bank itself are now marketed as BMO Bank of Montreal. Bank of Montreal was founded in 1817, making it Canada's oldest bank.

Bank of Montreal TSX: BMO NYSE: BMO is Canada's fifth largest banks, and is classified as a Domestic Chartered Bank (Schedule I). Cirrus Network for MasterCard card users. MasterCard International. Interac.

BMO Nesbitt Burns. BMO Life. BMO InvestorLine. BMO Harris — US operations.

BMO Bank of Montreal — banking services. Molson Bank (1925). Merchants Bank of Canada (1922). Bank of British North America (1918).

People's Bank of New Brunswick (1907). People's Bank of Halifax (1905). Exchange Bank of Yarmouth (1903). Commercial Bank of Canada (1868).

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