Bank of Montreal

The Bank of Montreal (in French, Banque de Montréal) is the fifth largest bank in Canada, based in Montreal. The company is listed on the Canadian financial index S & P / TSX 60 and listed on the Toronto Stock Exchange.

The Bank of Montreal was founded in 1817, is the oldest bank in Canada. You currently operates under the name of BMO Financial Group. The Bank's services themselves are handled under the BMO Bank of Montreal.

  • 5.1 Purchase of Harris Bank Corp. (1984 )
  • 5.2 Proposal of a merger with RBC (1998)
  • 5.3 Purchase of Diners Club (2009)
  • 5.4 Acquisition of Marshall & Ilsley (2010)

History

The Bank of Montreal is Canada's oldest officially approved bank. On November 3, 1817, the Bank opened its first branch in Montréal, Québec. In the first years of its existence, the Bank was a small building in the Rue Saint Paul. John Grey, a retired haberdasher, was the first President of the Bank and Robert Griffin worked as a cashier first.

The Bank of Montreal was used to establishing the Bank of Canada in 1934 as the central bank of Canada. She played a major role in the development of the country and funded in the 1880s, the construction of the first transcontinental railroad with de. As the first Canadian bank that opened a branch in Europe, the Bank of Montreal today a major international bank with over 1100 branches in Canada and around the world. 1977 moved the headquarters of the bank in order to Toronto.

Mergers

In its history, the Bank of Montreal has undergone mergers with 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)

Divisions

BMO Bank of Montreal is a branch of BMO Financial Group:

  • BMO Bank of Montreal - banking services
  • BMO Harris - U.S. operations
  • BMO Investor Line
  • BMO Life
  • BMO Nesbitt Burns

The stock of the bank is traded on both the Toronto and New York stock exchanges under the symbol BMO.

Headquarters

The BMO still has an office in Montreal, which is located in the Saint Jacques Street. However, this has only the economic ( and also limits the political ) relationship with the province of Quebec. Most decisions will made ​​in the official headquarters of the Bank in Toronto, located in First Canadian Place. This reflects the proximity to the Toronto Stock Exchange, and probably also concerns about the separatism in Quebec.

President

Latest mergers and merger intentions

Purchase of Harris Bank Corp. (1984 )

1984 has expanded its sphere of influence through the purchase of Chicago's Harris Bank to a large piece of the bank.

Proposal for a merger with RBC (1998)

1998, the Bank of Montreal shocked the Canadian Banker, when she published plans to join forces with the Royal Bank of Canada. This association, however, has prevented later the Canadian government.

Purchase of Diners Club (2009)

On 24 November 2009 Citigroup announced Diners Club to the Bank of Montreal for sale. The transaction is subject to approval by the antitrust authorities and is to be completed by 31 March 2010. Through the acquisition of the Bank Group is expanding its market position in the credit card business in North America.

Acquisition of Marshall & Ilsley (2010)

On 17 December 2010 the Bank of Montreal announced that Marshall & Ilsley it will take for 4.1 billion U.S. dollars by means of a share swap. The acquisition is expected to be completed by 31 July 2011.

Memberships

The BMO is a member of the Canadian Bankers Association ( CBA) and registered member of the Canada Deposit Insurance Corporation ( CDIC ), a federal agency that secures the money transactions of all officially registered banks in Canada. She is also member of the following groups:

  • Interac
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