The
Bank of Montreal (in French,
Banque de Montréal, and commonly
BMO in either language) is the fourth
largest bankBig Five is the name given to the five biggest banks that dominate the banking industry in Canada. All five banks are operationally headquartered in Toronto, Ontario....
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.. The company also has substantial operations in the
ChicagoChicago is the largest city in the U.S. state of Illinois, and with more than 2.8 million people, the 3rd largest city in the United States...
area and elsewhere in the United States, where it operates as
Harris BankHarris Bank is an American bank based in Chicago, Illinois. The bank founded by Norman Wait Harris, is primarily located in the Midwest, and is owned by the Toronto-based Bank of Montreal. Today the bank holding company is formally named Harris Bankcorp, Inc.-History:In 1882 Norman Wait Harris...
and as
BMO Harris.
The company is ranked at number 189 on the
Forbes Global 2000The Forbes Global 2000 is an annual ranking of the top 2000 public companies in the world by Forbes magazine. The ranking is based on a mix of four metrics: Sales, Profit, Assets and Market value...
list.
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
TorontoToronto is the most populous city in Canada and the provincial capital of Ontario. It is located in Southern Ontario on the northwestern shore of Lake Ontario. With over 2.5 million residents, it is the fifth most populous municipality in North America...
, while its legal head office remained in Montreal. Today, Bank of Montreal has assets of more than $387 billion
CADThe Canadian dollar is the currency of Canada. It is normally abbreviated with the dollar sign $, or C$ to distinguish it from other dollar-denominated currencies. It is divided into 100 cents...
. (Source: http://www.bmo.com)
Mergers
During its history, Bank of Montreal has merged with or acquired several other Canadian banks:
- Commercial Bank of Canada (1868)
- Exchange Bank of Yarmouth
Yarmouth is a town and major fishing and ferry port located on the Gulf of Maine in southwestern Yarmouth County Nova Scotia, Canada. It is sometimes referred to as "The Gateway to Nova Scotia".- History :...
(1903)
- People's Bank of Halifax
The City of Halifax was the capital of the province of Nova Scotia and shire town of Halifax County, and was the largest city in Atlantic Canada until it was amalgamated into Halifax Regional Municipality in 1996...
(1905)
- People's Bank of New Brunswick
New Brunswick is one of Canada's three Maritime provinces and is the only constitutionally bilingual province in the confederation. The provincial capital is Fredericton...
(1907)
- Bank of British North America
The Bank of British North America was founded in 1835 in London, England with offices in Toronto, Montreal, Quebec City, Saint John, New Brunswick, Halifax and St. John's, Newfoundland. It also operated agencies in New York City and San Francisco....
(1918)
- Merchants Bank of Canada (1922), as well as several investment banking firms.
- Molson Bank
The Molson Bank was a Canadian bank founded in Montreal, Quebec, by brothers William and John Molson, Jr. , the sons of brewery magnate John Molson....
(1925)
Founders
The following nine merchants signed the Articles of Association for the creation of the "Montreal Bank" on June 23, 1817:
- Robert Armour
Robert Armour was a Canadian businessman, militia officer, and office holder. He was one of 10 signators to the Articles of Association for the creation of the "Montreal Bank" on June 23, 1817:- External links :*...
(1781-1857) businessman, militia officer, and office holder
- John C. Bush (? - 1859)
- Austin Cuvillier
Austin Cuvillier was a businessman and political figure in Lower Canada and Canada East.He was born Augustin Cuvillier in Quebec City in 1779 and was hired by a Montreal auctioneer, eventually taking over the business when his employer retired. After he formed a partnership with two other men, the...
(1779 - 1849)
- George Garden
George Garden was a Scottish-born businessman and political figure in Lower Canada. He represented Montreal West in the Legislative Assembly of Lower Canada from 1820 to 1824....
(c.1772-1828), director from 1817 to 1826 and vice-president from 1818 to 1822.
- Horatio Gates (1777-1834), merchant and banker, President of BMO 1832-1834
- James Leslie (1786–1873); bank director
- George Moffatt (1787-1865); bank director
- John Richardson (c. 1754 - 1831)
- Thomas A.Turner (1775 ? - 1834)
- Ezekiel Hart - Businessman and First Jewish Member of Parliament in 1806
Presidents
- John Gray
John Gray , a Canadian banker, JP and militia officer, was the founder and first president of the Bank of Montreal.-References:...
(1817 to 1820); co-founder and first President
- Samuel Gerrard
Samuel Gerrard was a Canadian fur trader, businessman, militia officer, justice of the peace, politician, and seigneur. He was the second president of the Bank of Montreal.-References:...
(1820 to 1826)
- Horatio Gates
Horatio Gates was a Canadian businessman, office holder, justice of the peace, and politician. He was the third president of the Bank of Montreal.-References:...
(1826); co-founder and President
- John Molson
John Molson was an Anglo-Quebecer who was a major brewer and entrepreneur in Canada, starting the Molson Brewing Company.-Birth and early Life:...
(1826 to 1834)
- Peter McGill
Peter McGill was a Scots-Quebecer businessman who served as mayor of Montreal, Canada East from 1840 to 1842....
(1834 to 1860)
- Thomas Brown Anderson
Thomas Brown Anderson was a Canadian merchant, banker, and member of the Special Council of Lower Canada. He was the sixth president of the Bank of Montreal.-References:...
(1860 to 1869)
- Edwin Henry King
Edwin Henry King was a Canadian banker.Born in Ireland, King emigrated to Canada in 1850. He was general manager of the Bank of Montreal from 1863 to 1869 and was president of the bank from 1869 to 1873. Historian Oscar Douglas Skelton called him "the most striking figure in Canadian banking...
(1869 to 1873)
- David Torrance
David Torrance was a Canadian merchant, shipper, and president of the Bank of Montreal.-References:...
(1873 to 1876)
- George Stephen
The Right Honourable George Stephen, 1st Baron Mount Stephen was a Scots-Quebecker banker and railway executive in Canada.- Early life and career :...
(1876 to 1881)
- C. F. Smithers (1881 to 1887)
- Donald Smith
The Right Honourable Sir. Donald Alexander Smith, 1st Baron Strathcona and Mount Royal, GCMG, GCVO, PC, DL was a Scottish-born Canadian fur trader, financier, railroad baron and politician. He was born in the Morayshire town of Forres to Alexander Smith, a saddler, and Barbera Stuart...
(1887 to 1905)
- George Alexander Drummond
Sir George Alexander Drummond, KCMG, CVO was a Scottish-Canadian businessman and senator.Born in Edinburgh, Scotland, he arrived in Canada in 1854 to work at Redpath Sugar. He married John Redpath's daughter, becoming a co-director of the family business with Peter Redpath, John's son...
(1905 to 1910)
- Richard B. Angus
Richard Bladworth Angus was a Scottish-Canadian financier, banker and philanthropist.- Early Life :...
(1910 to 1913)
- Sir Vincent Meredith
Sir Vincent Meredith, 1st Baronet of Montreal , was a Canadian banker and President of the Bank of Montreal and the Royal Trust Company.-Family:...
(1913 to 1927)
- Sir Charles Blair Gordon (1927 to 1939)
- Huntly Redpath Drummond (1939 to 1942)
- George W. Spinney (1942 to 1948)
- B. C. Gardner (1948 to 1952)
- Gordon Ball (1952 to 1959)
- G. Arnold Hart, president from 1959 to 1967 and CEO from 1959 to 1974
- Fred McNeil, CEO from 1975 to 1979
- William D. Mulholland, CEO from 1979 to 1989
- Matthew W. Barrett
Matthew William Barrett, OC is an Irish/Canadian banker who until recently was the Chairman of Barclays Bank.Born in County Kerry, Ireland, he attended the Christian Brothers School in Kells, County Meath, and attended the Harvard Business School Advanced Management Programme in 1981.He started...
(1987 to 1990)
- F. Anthony Comper
F. Anthony Comper , known as Tony Comper, is a Canadian banker. He served as president and chief executive officer of Bank of Montreal, which currently operates under the brand BMO Financial Group, and retired from that position on March 1,2007.He served as Chair of the University of Toronto's...
(1990 to 2007)
- Bill Downe
William A. Downe is a Canadian bank executive. He became president and chief executive officer of the Bank of Montreal on March 1, 2007, having previously held the position of chief operating officer since February 2006, which made him the clear front-runner to succeed former BMO President & CEO...
(from March 1, 2007)
Chief Executive Officer
Currently, 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)
- Matthew W. Barrett
Matthew William Barrett, OC is an Irish/Canadian banker who until recently was the Chairman of Barclays Bank.Born in County Kerry, Ireland, he attended the Christian Brothers School in Kells, County Meath, and attended the Harvard Business School Advanced Management Programme in 1981.He started...
(1990 to 1999)
- F. Anthony Comper
F. Anthony Comper , known as Tony Comper, is a Canadian banker. He served as president and chief executive officer of Bank of Montreal, which currently operates under the brand BMO Financial Group, and retired from that position on March 1,2007.He served as Chair of the University of Toronto's...
(1999 to 2007)
- Bill Downe
William A. Downe is a Canadian bank executive. He became president and chief executive officer of the Bank of Montreal on March 1, 2007, having previously held the position of chief operating officer since February 2006, which made him the clear front-runner to succeed former BMO President & CEO...
(from March 1, 2007)
Operations
BMO is divided into three "client groups" which serve different markets. Each of the client groups operates under multiple brand names.
- Personal and Commercial Client Group (retail banking
Retail banking refers to banking in which banking institutions execute transactions directly with consumers, rather than corporations or other banks...
), including
- BMO Bank of Montreal (retail banking in Canada), including BMO's Mosaik Mastercard
MasterCard Worldwide is a multinational corporation based in Purchase, New York, United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "MasterCard" brand debit and credit cards to make purchases....
credit cards; BMO Life, a life insurance company; and the former virtual bankA direct bank is a bank without any branch network. It offers its financial services by:* Telephone banking* Online banking* Automated teller machines * Mail banking* Mobile banking...
division mbanxmbanx is a Canadian virtual bank that has operated as a division of Bank of Montreal since October 1996. "mbanx" was erroneously thought by some to be a new brand name for the entire bank, as BMO focused virtually all its marketing efforts on the new unit during its first few months.Developed at...
- Harris Bank
Harris Bank is an American bank based in Chicago, Illinois. The bank founded by Norman Wait Harris, is primarily located in the Midwest, and is owned by the Toronto-based Bank of Montreal. Today the bank holding company is formally named Harris Bankcorp, Inc.-History:In 1882 Norman Wait Harris...
(retail banking in the United States, headquartered in Chicago)
- Investment Banking Group (known as BMO Capital Markets)
- Private Client Group (wealth management), including
- BMO Nesbitt Burns
BMO Nesbitt Burns is a Canadian investment firm. Since its formation in 1912, BMO Nesbitt Burns and its predecessor companies have offered aid to investors in meeting their financial goals. In August 1987 the Bank of Montreal took advantage of new banking regulations to acquire Nesbitt Thomson,...
(full service investing in Canada)
- BMO InvestorLine (self-service investing in Canada)
- Harris Investor Services (advisory services in the United States)
- BMO Harris Private Banking
In October 2008, BMO Financial Group was named one of
Greater Toronto's Top EmployersGreater Toronto's Top Employers is an annual competition that recognizes the best places to work in the Greater Toronto Area. Published annually since October 2006, the designation singles out the employers in greater Toronto that lead their industries in creating forward-thinking workplaces with...
by Mediacorp Canada Inc., which was announced by the
Toronto StarThe Toronto Star is Canada's highest-circulation newspaper, though its print edition is distributed almost entirely within the province of Ontario...
newspaper.
Corporate governance
Current members of the
board of directorsA board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. The body sometimes has a different name, such as board of trustees, board of governors, board of managers, or executive board...
of BMO are: Robert Astley, Stephen Bachand, David Beatty, Robert Chevrier,
Bill DowneWilliam A. Downe is a Canadian bank executive. He became president and chief executive officer of the Bank of Montreal on March 1, 2007, having previously held the position of chief operating officer since February 2006, which made him the clear front-runner to succeed former BMO President & CEO...
, Ronald Farmer,
David A. GallowayDavid A. Galloway is chairman of the board of Bank of Montreal, which is also known as BMO Financial Group.Born in Toronto, Ontario, he attended the University of Toronto Schools before receiving a Bachelor of Arts in 1966 from the University of Toronto. He received an M.B.A. from Harvard...
, Harold Kvisle, Eva L. Kwok,
Bruce MitchellBruce Mitchell may refer to:* Bruce Mitchell * H. Bruce Mitchell, sometimes known as Bruce M Mitchell, silent films director* Bruce Mitchell * Bruce Mitchell, staff columnist for the Pro Wrestling Torch Newsletter...
,
Philip OrsinoPhilip S. Orsino is a Canadian businessman. He is the former President and Chief Executive Officer of Masonite International Corporation....
,
Robert PrichardFor the theologian at Virginia Theological Seminary, see Robert Prichard John Robert Stobo Prichard, OC, O.Ont is a Canadian lawyer, economist, and academic.-Academia:...
, Jeremy Reitman, Guylaine Saucier,
Don M. Wilson IIIDon M. Wilson III is an American banker and risk specialist. He was appointed as chief risk officer with JPMorgan Chase in 2003 and retired in2006....
, and Nancy Southern.
Headquarters
BMO still has its official legal corporate
head officeThe Bank of Montreal's Head Office is located on Saint Jacques Street in Montreal, Quebec, Canada, across the Place d'Armes from Notre-Dame de Montréal Basilica...
in Montreal, located on Saint-Jacques Street. However, the Chairman and President and most senior division executives work out of
TorontoToronto is the most populous city in Canada and the provincial capital of Ontario. It is located in Southern Ontario on the northwestern shore of Lake Ontario. With over 2.5 million residents, it is the fifth most populous municipality in North America...
headquarters at
First Canadian PlaceFirst Canadian Place is a skyscraper in the financial district of Toronto, Ontario, Canada, at the northwest corner of King and Bay streets, and is home to the Toronto headquarters of the Bank of Montreal. At 298 metres, or 978 feet , it is Canada's tallest skyscraper and the eleventh tallest...
. 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 ExchangeThe Toronto Stock Exchange , a subsidiary of the TMX Group Inc., is the largest stock exchange in Canada, the third largest in North America and the eighth largest in the world by market capitalization. Based in Canada's largest city, Toronto, it is owned and operated by TMX Group for the trading...
and
Bay StreetBay Street is a street in downtown Toronto, Ontario, Canada. It is the centre of Toronto's financial district and is often used by metonymy to refer to Canada's financial industry just as Wall Street is used in the United States and The City in the United Kingdom. This is a rather recent...
in the Canadian economy.
Sport events sponsorship
BMO is the sponsor for this season of the
Toronto Maple LeafsThe Toronto Maple Leafs are a professional ice hockey team based in Toronto, Ontario, Canada. They are members of the Northeast Division of the Eastern Conference of the National Hockey League...
and the
Toronto RaptorsThe Toronto Raptors are a professional basketball team based in Toronto, Ontario, Canada. They are part of the Atlantic Division of the Eastern Conference in the National Basketball Association . The team was established in 1995, along with the Vancouver Grizzlies, as part of the NBA's expansion...
.
BMO Bank of Montreal is the current title sponsor for the
marathonThe marathon is a long-distance foot race with an official distance of 42.195 kilometres that is usually run as a road race. The event is named after the fabled run of the Greek soldier Pheidippides, a messenger from the Battle of Marathon to Athens...
race for the Vancouver International Marathon Society held each year in May. The current name is "BMO Bank of Montreal
Vancouver MarathonThe Vancouver International Marathon is an annual race held on the first Sunday of May each year in Vancouver, British Columbia, Canada . As the largest international marathon event in Canada, it has a certified running distance of 26 miles and 385 yards long. The most recent marathon saw over...
".
Bank of Montreal is also a major sponsor of Skate Canada, and is the title sponsor of the BMO Financial Group
Canadian ChampionshipsThe Canadian Figure Skating Championships is a figure skating competition held annually to crown the national champions of Canada. It is organized by Skate Canada, the nation's figure skating governing body. The levels of the competition are senior and junior; in some years, the novice level has...
, 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.
http://www.skatecanada.ca/en/corporate_partners/
BMO purchased the naming rights to the national soccer stadium (
BMO FieldBMO Field is a soccer-specific stadium located in Exhibition Place in the city of Toronto. The open-air structure can seat up to 20,500 spectators, depending on seating configurations. It is owned by the City of Toronto, and managed by Maple Leaf Sports & Entertainment Ltd...
) at
Exhibition PlaceExhibition Place is a mixed-use property on the Toronto shore of Lake Ontario, a few kilometres west of the central business district. The 197–acre area features expo, trade, and banquet centres, theatre and music buildings, parkland, sports facilities, and a number of civic, provincial, and...
in Toronto, the home of the
Major League SoccerMajor League Soccer is a professional soccer league based in the United States and sanctioned by United States Soccer Federation . The league comprises 15 teams, 14 in the U.S. and one in Canada...
team
Toronto FCToronto FC, popularly abbreviated as TFC, is a professional football club located in Toronto, Ontario and the first Canadian and non-American team in the United States' pre-eminent professional soccer league, Major League Soccer...
, 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
IndyCarThe IndyCar Series is the premier level of American open wheel racing. The current championship, founded by Indianapolis Motor Speedway owner Tony George, began in 1996 as a competitor to CART known as the Indy Racing League . Citing CART's increasing reliance on expensive machinery and overseas...
team
Newman/Haas/Lanigan RacingNewman/Haas/Lanigan Racing is a motor racing team competing in the IndyCar Series. The team operations are based in Lincolnshire, Illinois. Newman/Haas Racing was formed when actor Paul Newman and long-time racer Carl Haas, competitors in the Can-Am championship, each began looking to Champ Car...
to appear on the #06 car of
Graham RahalGraham Rahal is an American race car driver. He currently drives in the Indy Racing League Indy Car Series. He is the son of 1986 Indianapolis 500 winner Bobby Rahal.-Early years:...
in the first-ever
IRLThe Indy Racing League, better known as IRL, is an American based open-wheel racing series sanctioning body.The League sanctions two series, the premier IndyCar Series , whose centerpiece is the Indianapolis 500, and Firestone Indy Lights, the official developmental series of the Indy...
-sanctioned Canadian IndyCar race at Edmonton.
Purchase of Harris Bankcorp (1984)
In 1984 the bank greatly expanded its operations in the
United StatesThe United States of America is a federal constitutional republic comprising fifty states and a federal district...
by purchasing
ChicagoChicago is the largest city in the U.S. state of Illinois, and with more than 2.8 million people, the 3rd largest city in the United States...
's
Harris BankHarris Bank is an American bank based in Chicago, Illinois. The bank founded by Norman Wait Harris, is primarily located in the Midwest, and is owned by the Toronto-based Bank of Montreal. Today the bank holding company is formally named Harris Bankcorp, Inc.-History:In 1882 Norman Wait Harris...
.
Proposed merger with RBC (1998)
In
1998Events from the year 1998 in Canada.-January to March:*January 1 - Toronto and six other communities are merged to form a new megacity. The next day Mel Lastman is sworn in as its first mayor...
Bank of Montreal shocked the Canadian financial community by announcing plans to merge with
RBCThe Royal Bank of Canada is the largest financial institution in Canada, measured by deposits, revenues, and market capitalization. The bank serves seventeen million clients and has 80,000 employees worldwide...
. The Canadian government later blocked the proposed merger. In December 2000, the banks were successful in merging their
creditA credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy goods and services based on the holder's promise to pay for these goods and services...
and
debit cardA debit card is a plastic card that provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic cheque, as the funds are withdrawn directly from either the bank account, or from the remaining balance on the card...
processing services to form
Moneris SolutionsMoneris Solutions is Canada’s largest processor and acquirer of debit and credit card payments. Moneris was established in December 2000 as a joint investment between RBC Royal Bank and BMO Bank of Montreal. The company is headquartered in Toronto, Ontario and has a contact centre in Sackville,...
.
Purchase of GKST Inc (2008)
In 2008 Bank of Montreal bought Griffin, Kubik, Stephans, and Thompson. GKST was a
ChicagoChicago is the largest city in the U.S. state of Illinois, and with more than 2.8 million people, the 3rd largest city in the United States...
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.
Purchase of AIG Life Insurance Company of Canada (2009)
In 2009, the Bank purchased
AIGAIG is American International Group, a major American insurance corporation.AIG may also refer to:*And-inverter graph, a concept in computer theory*Answers in Genesis, a creationist organization in the U.S.*Arta Industrial Group in Iran...
'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.
Membership
BMO is a member of the
Canadian Bankers AssociationThe Canadian Bankers Association is an organization representing Canada's chartered banks and provides services to improve the wellbeing of its membership and to consumers of banking services....
(CBA) and registered member with the
Canada Deposit Insurance CorporationCanada Deposit Insurance Corporation is a Crown corporation owned by the Government of Canada. As a federal agency, it provides insurance for financial services provided by chartered Canadian banks and financial institutions.-Coverage:Insurance is restricted to registered member institutions, and...
(CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:
- Interac
Interac Association is a Canadian organization linking enterprises that have proprietary networks so that they may communicate with each other for the purpose of exchanging electronic financial transactions...
- MasterCard
MasterCard Worldwide is a multinational corporation based in Purchase, New York, United States. Throughout the world, its principal business is to process payments between the banks of merchants and the banks of purchasers that use its "MasterCard" brand debit and credit cards to make purchases....
International
- Cirrus Network for MasterCard card users
- Air Miles
The Air Miles Reward Program is a loyalty program or frequent flyer program in Canada, the United Kingdom, Spain , the Netherlands, the United Arab Emirates, and Qatar through which points are earned on money spent at participating merchants...
Official sites
Other sites