The Bank of Montreal, or Banque de Montréal, is the core of the Bank of Montreal Financial Group. Now popularly known as BMO, it was founded in 1817 and is Canada’s oldest bank.
At the time of its founding, Canada was still split between Upper and Lower Canada, the areas that are now Ontario and Quebec. Both of these were British colonies. There was no local currency at the time, and little cash of any sort. Most trade and economic exchange was conducted via the barter system. The Bank of Montreal facilitated a tremendous change in Canada’s economy by issuing bank notes and making loans available for commercial projects. Through such loans, the Bank of Montreal funded the construction of the first significant Canadian canal, the first Canadian railway, and the first telegraph service to link Upper Canada to Lower Canada.
The Bank of Montreal still has its legal corporate headquarters in Montreal, but its center of operations moved to Toronto in 1977, at least in part due to the proximity of the Toronto Stock Exchange.
Bank of Montreal Finance and Structure
Today, the Bank of Montreal is the fourth largest bank in Canada. It has total assets of $415 billion, over 37,000 employees, and approximately 1,200 branches worldwide. Over 900 of these branches are located within Canada. Its second largest market is the United States where it serves customers through the Chicago-based Harris Bank, which was acquired by the Bank of Montreal in 1984.
The Bank of Montreal is divided into three operating groups. The Personal and Commercial Banking Group, BMO Capital Markets, and the Private Client Group. The Personal and Commercial Banking Group composes its retail banking arm; BMO Capital Markets is its investment banking group; and its Private Client Group offers wealth management services to private banking clients.
Bank of Montreal and its Services
Through its three operating groups, the Bank of Montreal offers a wide variety of services to its customers:
BMO Personal and Commercial Banking Services
Bank of Montreal offers a full range of personal and business banking services. In addition to an array of saving and checking accounts, credit cards, loans, and mortgages, these include a wide variety of investment and insurance options. The insurance services offered by the Bank of Montreal have expanded since its acquisition of AIG Life Insurance Company of Canada in 2009. Many of the retail banking services offered by Bank of Montreal are available via telephone and online banking or through one of the over 2,600 automated teller machines in its network.
BMO Wealth Management Services
The Private Client Group offers full-service investing and private banking solutions designed to grow and protect the assets of Bank of Montreal clients. These services are available at retail branches as well as through a variety of stand-alone private banking offices.
BMO Investment Banking Services
BMO Capital Markets has 27 offices worldwide, 14 of which are in North America. Through these locations, it offers extensive services to institutional clients. Services include corporate lending, the underwriting of debt and equity, treasury management and merchant banking, securitization and institutional trading, and a host of advisory and research services.