is
Canada 's fifth
Largest Bank , and is classified as a Domestic
Chartered Bank (Schedule I). Bank of Montreal was founded in
1817 , making it Canada's oldest bank. It operates under the corporate brand '''BMO Financial Group'''; the services of the bank itself are now marketed as '''BMO Bank of Montreal'''.
The is Canada's oldest chartered bank. It has been referred to as '''BMO''' or '''Canada's First Bank'''.
The Bank opened in
Montreal ,
Quebec on
November 3 ,
1817 . For the first few years of its existence, the Bank occupied a small building on Saint Paul Street.
John Grey , a retired dry goods merchant, was the first President of the Bank of Montreal 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. In
1977 , the BMO's Head Office moved to
Toronto .
Through its history, Bank of Montreal has merged with several other Canadian banks:
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 Exchange s under the symbol BMO .
Current members of the ,
Stephen Bachand ,
David Beatty ,
Robert Chevrier ,
Anthony Comper ,
Ronald Farmer ,
David Galloway ,
Harold Kvisle ,
Eva L. Kwok ,
Bruce Mitchell ,
Philip Orsino ,
Robert Prichard ,
Jeremy Reitman ,
Guylaine Saucier , and
Nancy Southern .
The President and Chief Executive Officer, Personal & Commercial Client Group, BMO Bank of Montreal is Robert Pearce.
The BMO still has an
Office in Montreal, located on
Saint Jacques Street , but that office only controls the bank's economical (and, to some extent, political) relation with the province of Quebec. Most decision-making is made at the BMO's official
Toronto headquarters at the
First Canadian Place . This reflects the preponderant place of the
Toronto Stock Exchange in the Canadian economy and probably, although it is not acknowledged, concerns about
Separatism in
Quebec .
In
1984 the bank greatly expanded its operations in the
United States by purchasing
Chicago 's
Harris Bank .
In
1998 the Bank of Montreal shocked the Canadian financial community by announcing plans to merge with the
Royal Bank Of Canada . The Canadian government later blocked the proposed merger.
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:
