Bank of Montreal

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Bank of Montreal

The Bank of Montreal (in French, Banque de Montréal, and commonly BMO in either language) is the fifth largest

Big Five banks

Big 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....
bank

Bank

A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. It is an institution for receiving, keeping, and lending money....
in Canada by deposits. However, Wikipedia also cites the Canadian Imperial Bank of Commerce to also be the fourth largest 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..

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Encyclopedia

The Bank of Montreal (in French, Banque de Montréal, and commonly BMO in either language) is the fifth largest

Big Five banks

Big 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....
bank

Bank

Chicago

Chicago is the largest city in the U.S. state of Illinois and the Midwestern United States, as well as the List of United States cities by population city in the United States with more than 2.8 million residents....
area and elsewhere in the United States, where it operates as Harris Bank
Harris Bank

Harris Bank is an United States bank based in Chicago, Illinois. The bank founded by Norman Wait Harris, is primarily located in the Midwest, and is owned by the Canadian-based Bank of Montreal....
and as BMO Harris.

The company is ranked at number 189 on the Forbes Global 2000

Forbes Global 2000

The 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 Toronto

Toronto

Toronto is the List of the 100 largest municipalities in Canada by population in Canada and the Provinces and territories of Canada Provincial and territorial capitals of Canada of Ontario....
, 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)

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, Nova Scotia

Yarmouth is a town and major fishing and ferry port located on the Gulf of Maine in southwestern Nova Scotia, Canada. It is sometimes referred to as "The Gateway to Nova Scotia"....
(1903)
People's Bank of Halifax
City of Halifax

The City of Halifax was the capital of the province of Nova Scotia and county seat of Halifax County, Nova Scotia, 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

New Brunswick is one of Canada's three Maritime provinces and is the only Constitution of Canada bilingual province in the federation. The provincial capital is Fredericton....
(1907)
Bank of British North America
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 Regional Municipality, Nova Scotia and St....
(1918)
Merchants Bank of Canada (1922), as well as several investment banking firms.
Molson Bank
Molson Bank

The Molson Bank was a Canada bank founded in Montreal, Quebec, by brothers Wiliam Molson and John Molson, Jr. , the sons of brewery magnate John Molson....
(1925)

Memberships

BMO is a member of the Canadian Bankers Association

Canadian Bankers Association

The 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 Corporation

Canada Deposit Insurance Corporation

Canada 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....
(CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:

Interac
Interac

Interac Association is a Canada organization linking enterprises that have proprietary computer network so that they may communicate with each other for the purpose of exchanging electronic financial transactions....
VISA International Network
Aeroplan
Aeroplan

Aeroplan is a Montreal, Quebec based loyalty marketing program operated by Groupe Aeroplan Inc . The Aeroplan Program was created in July 1984 by Air Canada as an incentive program for its frequent flyer customers....
Rewards
Plus Network for VISA and bank cards

Founders

The following ten people signed the Articles of Association for the creation of the "Montreal Bank" on June 23, 1817:

Robert Armour
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:...
(1781-1857) businessman, militia officer, and office holder
John C. Bush (? - 1859)
Ezekiel Hart (1770 - 1843)
Austin Cuvillier
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....
(1779 - 1849)
George Garden
George Garden

George Garden was a Scotland-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
James Leslie

James Leslie was a Canada businessman and political figure. He was named to the Senate of Canada for Alma division in 1867 and died in office....
(1786–1873); bank director
George Moffatt (1787-1865); bank director
John Richardson (c. 1754 - 1831)
Thomas A.Turner (1775 ? - 1834)

Presidents

John Gray
John Gray (banker)

File:John Gray .pngJohn Gray, , a Canadian banker, JP and militia officer, was the founder and first president of the Bank of Montreal....
(1817 to 1820); co-founder and first President
Samuel Gerrard
Samuel Gerrard

File:Samuel Gerrard.pngSamuel Gerrard was a Canada fur trader, businessman, militia officer, justice of the peace, politician, and seigneur. He was the second president of the Bank of Montreal....
(1820 to 1826)
Horatio Gates
Horatio Gates (businessman)

File:Horatio Gates .pngHoratio Gates was a Canada businessman, office holder, justice of the peace, and politician. He was the third president of the Bank of Montreal....
(1826); co-founder and President
John Molson
John Molson

File:John Molson Sr.jpgJohn Molson was an Anglo-Quebecer who was a major brewer and entrepreneur in Canada, starting the Molson Brewing Company....
(1826 to 1834)
Peter McGill
Peter McGill

Peter McGill was a Scots-Quebecer businessman who served as mayor of Montreal, Canada East from 1840 to 1842.He was born Peter McCutcheon in the village of Creebridge, Wigtownshire in Scotland....
(1834 to 1860)
Thomas Brown Anderson
Thomas Brown Anderson

File:Thomas Brown Anderson.pngThomas Brown Anderson was a Canada merchant, banker, and member of the Special Council of Lower Canada. He was the sixth president of the Bank of Montreal....
(1860 to 1869)
Edwin Henry King
Edwin Henry King

Edwin Henry King was a Canada 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....
(1869 to 1873)
David Torrance
David Torrance

File:David Torrance.pngDavid Torrance was a Canada merchant, shipper, and president of the Bank of Montreal.References...
(1873 to 1876)
George Stephen
George Stephen, 1st Baron Mount Stephen

George Stephen, 1st Baron Mount Stephen was a Scots-Quebecker banker and railway executive in Canada....
(1876 to 1881)
C. F. Smithers (1881 to 1887)
Donald Smith
Donald Smith, 1st Baron Strathcona and Mount Royal

Donald Alexander Smith, 1st Baron Strathcona and Mount Royal, Order of St Michael and St George, Royal Victorian Order, Queen's Privy Council for Canada, Deputy Lieutenant was a Scotland-born Canadian fur trader, financier, railroad baron and politician....
(1887 to 1905)
George Alexander Drummond
George Alexander Drummond

Sir George Alexander Drummond, KCMG, Royal Victorian Order was a Scottish-Canadian businessman and senator.Born in Edinburgh, Scotland, he arrived in Canada in 1854 to work at Redpath Sugar....
(1905 to 1910)
Richard B. Angus
Richard B. Angus

Richard Bladworth Angus was a Scotland-Canadian financier, banker and philanthropist....
(1910 to 1913)
Sir Vincent Meredith
Vincent Meredith

Sir Vincent Meredith, 1st Baronet of Montreal , was a Canada banker and President of the Bank of Montreal and the Royal Trust Company....
(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 Barrett

Matthew William Barrett, Order of Canada is an Ireland/Canada 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....
(1987 to 1990)
F. Anthony Comper
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....
(1990 to 2007)
Bill Downe
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 Tony Comper....
(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 Barrett

Matthew William Barrett, Order of Canada is an Ireland/Canada 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....
(1990 to 1999)
F. Anthony Comper
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....
(1999 to 2007)
Bill Downe
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 Tony Comper....
(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

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

MasterCard Worldwide is a multinational corporation based in Purchase, New York, 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 card and credit cards to make purchases....
credit cards; BMO Life, a life insurance company; and the former virtual bank
Virtual bank

A direct bank is a bank without any branch . It offers its financial services by:* Telephone banking* Online banking* Automated teller machines ...
division mbanx
Mbanx

mbanx is a Canada 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....
Harris Bank
Harris Bank

Harris Bank is an United States bank based in Chicago, Illinois. The bank founded by Norman Wait Harris, is primarily located in the Midwest, and is owned by the Canadian-based Bank of Montreal....
(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

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....
(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 Employers

Greater Toronto's Top Employers

Greater 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 progressive human resources policies....
by Mediacorp Canada Inc., which was announced by the Toronto Star

Toronto Star

The 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 directors

Board of directors

A board of directors is a body of elected or appointed persons 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 Downe

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 Tony Comper....
, Ronald Farmer, David A. Galloway

David A. Galloway

For the football player of the same name see David Galloway .David A. Galloway is chairman of the board of Bank of Montreal, which is also known as BMO Financial Group....
, Harold Kvisle, Eva L. Kwok, Bruce Mitchell

Bruce Mitchell

Bruce Mitchell may refer to:* Bruce Mitchell * H. Bruce Mitchell, sometimes known as Bruce M Mitchell, silent films director* Bruce Mitchell ...
, Philip Orsino

Philip Orsino

Philip S. Orsino is a Canada businessman. He is the former President and Chief Executive Officer of Masonite International Corporation.Born in Toronto, Ontario, he received a Bachelor of Arts degree in 1976 from the University of Toronto's Victoria University in the University of Toronto....
, Robert Prichard

Robert Prichard

For the theologian at Virginia Theological Seminary, see Robert Prichard John Robert Stobo Prichard, Order of Canada , Order of Ontario , MBA, LL.B , Master of Laws , Doctor of Philosophy is a Canada lawyer, economist, and academic....
, Jeremy Reitman, Guylaine Saucier, Don M. Wilson III

Don M. Wilson III

Don M. Wilson III is an American banker and risk specialist. He was appointed as chief risk officer with JPMorgan Chase in 2003and retired in...
, and Nancy Southern.

Headquarters

BMO still has its official legal corporate head office

Bank of Montreal Head Office, Montreal

The 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 Montr?al Basilica....
in Montreal, located on Saint-Jacques Street. However, the Chairman and President and most senior division executives work out of Toronto

Toronto

First Canadian Place

First Canadian Place is a skyscraper in Toronto, Ontario, Canada. At 298 metres, or 978 Foot , it is Canada's tallest skyscraper and the eleventh tallest building in North America....
. 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

Toronto Stock Exchange

The Toronto Stock Exchange or is the largest stock exchange in Canada, the third largest in North America and the List of stock exchanges by market capitalization....
and Bay Street

Bay Street

Bay Street is a street in downtown Toronto, Ontario, Canada. It is the centre of Financial District, Toronto and is often used by metonymy to refer to Canada's financial industry just as Wall Street is used in the United States and City of London in the United Kingdom....
in the Canadian economy.

Sport events sponsorship

BMO 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

Marathon

The marathon is a long-distance running with an official distance of 42.195 kilometers 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 Marathon

Vancouver Marathon

The 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....
".

Bank of Montreal is also a major sponsor of Skate Canada, and is the title sponsor of the BMO Financial Group Canadian Championships

Canadian Figure Skating Championships

The Canadian Figure Skating Championships is a figure skating competition held annually to crown the list of national championships in figure skating of Canada....
, 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.

BMO purchased the naming rights to the national soccer stadium (BMO Field

BMO Field

Bank of Montreal Field is a soccer-specific stadium located in Exhibition Place in the city of Toronto. It is also known as the National Soccer Stadium....
) at Exhibition Place

Exhibition Place

Exhibition Place is a mixed-use property on the Toronto shore of Lake Ontario, a few kilometers west of the central business district. The 197–acre area features expo, trade, and banquet centres, theater and music buildings, parkland, sports facilities, and a number of civic, provincial, and national historic sites....
in Toronto, the home of the Major League Soccer

Major League Soccer

Major League Soccer is the top-flight professional soccer league based in the United States, overseen by the United States Soccer Federation. The league is comprised of 15 teams, 14 in the U.S....
team Toronto FC

Toronto FC

Toronto FC is a Canada professional football club located in Toronto, Ontario and the first non-American team in Major League Soccer . The club was founded in 2006, is owned by Maple Leaf Sports & Entertainment and plays its home games at BMO Field....
, 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

IndyCar

IndyCar and similar can mean:*In American Championship Car Racing, "Indy car" is a descriptive name for a type of open wheel car that has participated in the Indianapolis 500 Mile Race....
team Newman/Haas/Lanigan Racing

Newman/Haas/Lanigan Racing

Newman/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 racing in 1982....
to appear on the #06 car of Graham Rahal

Graham Rahal

Graham 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....
in the first-ever IRL

Indy Racing League

The Indy Racing League, better known as IRL, is the sanctioning body of a predominantly American based open-wheel Auto racing.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 Racing League....
-sanctioned Canadian IndyCar race at Edmonton.

Recent mergers and merger attempts

Purchase of Harris Bankcorp (1984)

In 1984 the bank greatly expanded its operations in the United States

United States

The United States of America is a Federal government constitutional republic comprising U.S. state and a federal district. The country is situated mostly in central North America, where its Contiguous United States and Washington, D.C., the Capital districts and territories, lie between the Pacific Ocean and Atlantic Oceans, Borders of the U...
by purchasing Chicago

Chicago

Harris Bank

Harris Bank is an United States bank based in Chicago, Illinois. The bank founded by Norman Wait Harris, is primarily located in the Midwest, and is owned by the Canadian-based Bank of Montreal....
.

Proposed merger with RBC (1998)

In 1998

1998 in Canada

See also:1997 in Canada,1998,1999 in Canada and thelist of 'years in Canada'....
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

Credit card

A 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 holders promise to pay for these goods and services....
and debit card

Debit card

A debit card is a plastic card which provides an alternative payment method to cash when making purchases. Functionally, it can be called an electronic check, as the funds are withdrawn directly from either the bank account , or from the remaining balance on the card....
processing services to form Moneris Solutions

Moneris Solutions

Moneris Solutions is Canada largest processor and acquirer of debit card and credit card payments. Moneris was established in December 2000 as a joint investment between RBC Royal Bank and BMO Bank of Montreal....
.

Purchase of GKST Inc (2008)

In 2008 Bank of Montreal bought Griffin, Kubik, Stephans, and Thompson. GKST was a Chicago

Chicago

Chicago is the largest city in the U.S. state of Illinois and the Midwestern United States, as well as the List of United States cities by population city in the United States with more than 2.8 million residents....
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)

On January 13, 2009, the Bank announced a definitive agreement to purchase AIG

AIG

AIG is American International Group, a major American insurance corporation.AIG may also refer to:*And-inverter graph, a concept in computer theory...
's Canadian life insurance business, AIG Life Insurance Company of Canada, for approximately $375 million CAD. The transaction, including 400,000 customers and 300 employees, makes BMO the second-biggest life insurer among Canadian banks.

Membership

BMO is a member of the Canadian Bankers Association

Canadian Bankers Association

The 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 Corporation

Canada Deposit Insurance Corporation

Canada 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....
(CDIC), a federal agency insuring deposits at all of Canada's chartered banks. It is also a member of:

Interac
Interac

Interac Association is a Canada organization linking enterprises that have proprietary computer network so that they may communicate with each other for the purpose of exchanging electronic financial transactions....
MasterCard
MasterCard

MasterCard Worldwide is a multinational corporation based in Purchase, New York, 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 card and credit cards to make purchases....
International
Cirrus Network for MasterCard card users
Air Miles
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....

External links

Official Sites:

Other Sites:

from TSX