Bank of Montreal
| Bank of Montreal Banque de Montréal
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| legal form | Public Company (Canada) |
| ISIN | CA0636711016 |
| founding | 1817 |
| Seat | Montreal , Canada |
| management | William A. Downe ( CEO ) |
| Number of employees | 47,000 (2015) |
| sales | CAD 19.4 billion (2015) EUR 13.458 billion |
| Branch | Banking services, finance |
| Website | www.bmo.com |
The Bank of Montreal ( BMO ), French Banque de Montréal , is the fourth largest bank in Canada with its official headquarters in Montreal , but since 1977 with its operational headquarters in Toronto . The company is listed on the Canadian S & P / TSX 60 financial index and is listed on the Toronto Stock Exchange and the New York Stock Exchange .
Founded in 1817, the Bank of Montreal is Canada's oldest bank. It currently operates under the company name BMO Financial Group . The services of the bank itself are handled under the BMO Bank of Montreal .
history
The Bank of Montreal is Canada's oldest licensed bank. On November 3, 1817, the bank opened its first branch in Montréal . In the early years of its existence, the bank occupied a small building on Rue Saint-Paul . John Gray, a retired haberdashery, was the bank's first president and Robert Griffin was the first cashier.
The Bank of Montreal served as the central bank for Canada until the Bank of Canada was founded in 1934. It played a major role in the country's development and helped finance the construction of the first transcontinental railroad in the 1880s . As the first Canadian bank to open a branch in Europe, the Bank of Montreal is now a major international bank with over 1,100 branches in Canada and the rest of the world. Because of the separation efforts of the province of Quebec, the bank moved its operational headquarters to Toronto in 1977 .
Mergers
In its history, the Bank of Montreal has merged 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)
Business areas
BMO Bank of Montreal is a branch of the BMO Financial Group:
- BMO Bank of Montreal - banking services
- BMO Harris - US operations
- BMO InvestorLine
- BMO Life
- BMO Nesbitt Burns
The bank's stock trades 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 on Rue Saint-Jacques . However, this only maintains the economic (and limited also the political) relationship with the province of Québec. Most decisions are made at the bank's official headquarters in Toronto, located on First Canadian Place .
Current mergers and intentions
Acquisition of Harris Bankcorp (1984)
In 1984, the bank expanded its sphere of influence by purchasing Harris Bank in Chicago .
Proposal to merge with the RBC (1998)
In 1998, the Bank of Montreal shocked Canadian bankers when it announced plans to merge with the Royal Bank of Canada . The Canadian government later prevented this merger.
Acquisition of Diners Club (2009)
On November 24, 2009, Citigroup announced that it would sell Diners Club to the Bank of Montreal. The transaction is subject to approval by the antitrust authorities and is expected to close on March 31, 2010. With the takeover, the banking group expands its market position in the credit card business in North America.
Acquisition of Marshall & Ilsley (2010)
On December 17, 2010, the Bank of Montreal announced that it would take over Marshall & Ilsley for $ 4.1 billion through a share swap. The takeover is expected to be completed by July 31, 2011.
Memberships
The BMO is a member of the Canadian Bankers Association (CBA) and a registered member of the Canada Deposit Insurance Corporation (CDIC), a federal agency that secures the financial transactions of all registered banks in Canada. She is also a member of the following groups:
- Interac
- Mastercard International
- Cirrus Network for MasterCard card users
Web links
- BMO website ( French , English , Chinese )
Individual evidence
- ↑ Bank of Montreal Annual Information Form 2015 , accessed January 5, 2016
- ↑ Consolidated Statement of Income , accessed January 5, 2016
- ↑ Converted at the rate on the balance sheet date, October 31, 2015
- ↑ Citigroup separates from Diners Club
- ↑ Bank of Montreal takes over Marshall & Ilsley for $ 4.1 billion. In: onvista.de. Retrieved July 3, 2011 .