BMO Bank of Montreal , formerly known as simply Bank of Montreal, is Canada's oldest chartered bank. Bank of Montreal opened in Montreal, Quebec on November 3, 1817. For the first few years of its existence, the Bank occupied a small building on rue Saint-Paul. John Grey , a retired dry goods merchant, was the first President of the Bank 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.
History
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. Its official name is now BMO Bank of Montreal.
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
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.
Executives
- David A. Galloway - Chairman of the Board
- Tony Comper - President and Chief Executive Officer, BMO Financial Group
- Yvan J.P. Bourdeau - President and Chief Operating Officer, BMO Nesbitt Burns
- Lloyd F. Darlington - President and Chief Executive Officer, Technology and Solutions
- William Downe - Deputy Chair, BMO Financial Group and Chief Executive Officer, BMO Nesbitt Burns
- L. Jacques Ménard, O.C. - Chairman, BMO Nesbitt Burns and President, BMO Financial Group, Quebec
- Gilles G. Ouellette - President and Chief Executive Officer, Private Client Group, BMO Financial Group
- Robert W. Pearce - President and Chief Executive Officer, Personal & Commercial Client Group, BMO Bank of Montreal
- Frank Techar - President and Chief Executive Officer, Harris Bankcorp, Inc. and Harris Trust and Savings Bank (Chicago)
- Bruce S. Schwenger - President and Chief Executive Officer, Harrisdirect and Chief Executive Officer, BMO InvestorLine, Inc.
Recent mergers and merger attempts
BMO Harris 1984 In 1984 the bank greatly expanded its operations in the United States by purchasing Chicago's Harris Bankcorp.
BMO-RBC Financial Services 1998 In 1998 the Bank of Montreal shocked the Canadian financial community by announcing plans to merge with the Royal Bank of Canada. The plans were later blocked by the Canadian government.
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:
External link
Last updated: 05-07-2005 09:24:48
Last updated: 05-13-2005 07:56:04
