About Bank of Montreal

Bank of Montreal, directly and through Canadian and non-Canadian subsidiaries, provides financial services in North America. The company provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services directly and through Canadian and non-Canadian subsidiaries, offices, and branches. As of October 31, 2023, BMO had approximately 13 million customers. The company has bank branches and BMO automated banking machines, as well as online and mobile digital banking platforms. It operates in Canada, the United States and select markets globally through its offices in a number of jurisdictions around the world. BMO Financial Corp. (BFC) is based in Chicago and wholly-owned by Bank of Montreal. BFC operates primarily through its subsidiary BMO Bank N.A. (BBNA), which provides banking, financing, investing, and cash management services in the United States. BMO provides a full range of investment dealer services through entities, including BMO Nesbitt Burns Inc., a major fully integrated Canadian investment dealer, and BMO Capital Markets Corp., Bank of Montreal's wholly-owned registered broker dealer in the United States. BMO conducts business through three operating groups: Personal and Commercial Banking (P&C), comprising the Canadian P&C and U.S. P&C operating segments; BMO Wealth Management; and BMO Capital Markets. U.S. Personal and Commercial Banking U.S. Personal and Commercial Banking provides financial products and services to more than four million customers. Personal and Business Banking helps customers make real financial progress through an extensive network of more than 1,000 branches, with nationwide access to contact centres, digital banking platforms and more than 40,000 BMO and Allpoint automated teller machines. Commercial Banking serves clients across the United States, offering valuable industry expertise, local presence and a comprehensive range of commercial products and services. Lines of Business Personal and Business Banking (P&BB) provides customers with a wide range of products and services, including deposits, home lending, consumer credit, small business lending, credit cards, cash management and other banking services, with an overall focus on providing customers with an exceptional experience in every interaction and helping them make real financial progress. Commercial Banking provides clients with a comprehensive range of commercial products and services, including a variety of financing options and treasury and payment solutions, as well as risk management products. The company's commercial bankers partner with clients to anticipate their financial needs, and share their unique expertise and industry knowledge to help them manage and grow their businesses. In P&C, Personal and Business Banking (P&BB) provides customers with a wide range of products and services, including deposits, home lending, consumer credit, small business lending, credit cards, cash management, everyday financial and investment advice, and other banking services, with an overall focus on providing customers with an exceptional experience in every interaction and helping them make real financial progress through a network of branches, dedicated contact centres, digital banking platforms and automated teller machines. Commercial Banking serves clients across Canada and the United States with a comprehensive range of commercial banking products and services, including a variety of financing options and treasury and payment solutions, as well as risk management products. Commercial Banking serves clients across Canada and the United States, offering valuable industry expertise, a local presence and a comprehensive range of commercial products and services. Strategy The key elements of the company's strategy are to drive strong customer loyalty, leveraging its enhanced capabilities across customer channels; leverage its One Client strategy to provide a connected and integrated experience to its clients, with a holistic approach to address their needs across its businesses; effectively integrate Bank of the West upon closing of the acquisition, with an emphasis on customer and employee experience; drive customer acquisition through its differentiated value proposition, enabled by digital and marketing capabilities, leveraging its expanded footprint and realizing synergies; deliver differentiated products and services that meet customers' needs and help them make real financial progress; maintain focus on key sectors and geographies while leveraging its wider footprint to unlock synergies and cross-sell opportunities; deepen relationships through simplification and digital innovation to drive deposit growth; continue to develop solutions and capabilities to support its clients through their climate and carbon transition journey; continue to simplify and digitize processes to enhance efficiency; and continue to strengthen digital capabilities, leveraging existing and new partnerships and delivering leading digital experiences to its customers. Canadian Personal and Commercial Banking Canadian P&C operates branches across Canada, while U.S. P&C operates under the BMO brand through branches, commercial banking offices and a national digital banking platform. Canadian Personal and Commercial Banking provides financial products and services to nearly eight million customers. Personal and Business Banking helps customers make real financial progress through a network of almost 900 branches, contact centres and digital banking platforms, with more than 3,200 automated teller machines. Commercial Banking serves clients across Canada, offering valuable industry expertise, local presence and a comprehensive range of commercial products and services. Lines of Business Personal and Business Banking (P&BB) provides customers with a wide range of products and services, including deposits, home lending, consumer credit, small business lending, credit cards, cash management, everyday financial and investment advice and other banking services, with an overall focus on providing customers with an exceptional experience in every interaction and helping them make real financial progress. Commercial Banking provides clients with a comprehensive range of commercial products and services, including a variety of financing options and treasury and payment solutions, as well as risk management products. The company's commercial bankers partner with clients to anticipate their financial needs, and share their unique expertise and industry knowledge to help them manage and grow their businesses. Strategy The key elements of the company's strategy are to drive strong customer loyalty, leveraging its enhanced capabilities across customer channels; leverage its One Client strategy to provide a connected and integrated experience to its clients, with a holistic approach to address their needs across its businesses; maintain focus on key sectors and geographies; deepen relationships through simplification and digital innovation to drive deposit growth; continue to develop climate and carbon transition solutions for its clients; continue to simplify and digitize processes to enhance efficiency; continue to strengthen digital capabilities, leveraging existing and new partnerships and delivering leading digital experiences to its customers; and build on its strong franchise to drive growth and customer loyalty by continuing to invest in differentiating capabilities and delivering enhanced One Client experiences. In Personal and Business Banking, continue to drive customer acquisition, increase share of wallet, enhance digital engagement and in-person guidance conversations, and help customers make real financial progress. In Commercial Banking, maintain focus on key sectors and geographies, and enhance the client experience through innovative capabilities and products, including climate transition and Digital First solutions. BMO Wealth Management BMO Wealth Management serves a full range of clients, from individuals and families to business owners and institutions, offering a wide spectrum of wealth, asset management and insurance products and services aimed at helping clients make real financial progress through planning, growing, protecting and transitioning their wealth. The company's asset management business focuses on making a positive impact and delivering innovative financial solutions and strategies for its clients. Lines of Business BMO Private Wealth provides full-service investing, banking and wealth advisory services to high net worth and ultra-high net worth clients, leveraging individualized financial planning and advice-based solutions such as investment management, business succession planning, trust and estate services and philanthropy. BMO InvestorLine leads Wealth Management's digital investing services, offering three ways for Canadian clients to invest: a self-directed online trading platform for investors who want to be in control of their investments; adviceDirect for investors who want to make their own investment decisions with personalized advice and support; and SmartFolio for investors who want low-fee, professionally managed portfolios aligned with their investment objectives. BMO Wealth Management U.S. offers financial solutions to mass affluent, high net worth and ultra-high net worth individuals, families and businesses. BMO Global Asset Management provides investment management services to institutional, retail and high net worth investors, offering a wide range of innovative, client-focused solutions and strategies to help clients meet their investment objectives. BMO Insurance is a diversified insurance and wealth solutions provider and a leader in pension de-risking solutions. It manufactures individual life, critical illness and annuity products, as well as segregated funds. In addition, group creditor and travel insurance is available to customers in Canada through BMO. Strategy The key elements of the company's strategy are to accelerate growth across its client base by strengthening product and service offerings, deepening client relationships and growing distribution in core markets, while maintaining top-tier client loyalty scores in North America; extend its advantage as a solutions provider, expanding asset management and insurance offerings in key growth areas, including environmental, social and governance and climate-focused offerings; continue to provide innovative and competitive product solutions across its distribution channels to meet the evolving needs of its clients; deliver a top-tier digital wealth management offering, building on its differentiated digital advisory capabilities to provide an enhanced client experience, including streamlined processes that deliver efficiencies and value; continue to invest in technology platforms to simplify, streamline and integrate client digital experiences, along with leading advisor-facing tools and practice support; and maintain an engaged and diverse workforce to promote innovation and enable strategic outperformance. BMO Capital Markets BMO Capital Markets offers a comprehensive range of products and services to corporate, institutional and government clients. BMO Capital Markets has approximately 2,700 professionals in 33 locations around the world, supporting the growth aspirations of the company's clients across the enterprise. Lines of Business Investment and Corporate Banking offers debt and equity capital-raising services to clients, as well as loan origination and syndication, balance sheet management solutions and treasury management services. The division also provides clients with strategic advice on mergers and acquisitions, restructurings and recapitalizations, trade finance and risk mitigation services to support international business activities, along with a wide range of banking and other operating services tailored to North American and international financial institutions. Global Markets offers research and access to financial markets for institutional, corporate and retail clients through an integrated suite of sales and trading solutions related to debt, foreign exchange, interest rates, credit, equities, securitization and commodities. New product development and origination services are also offered, as well as risk management and advisory services for hedging strategies, including in interest rates, foreign exchange rates and commodities prices. In addition, Global Markets provides funding and liquidity management services to clients. BMO Capital Markets offers a comprehensive range of products and services to corporate, institutional and government clients. These include equity and debt investment and corporate banking services, as well as global market sales and trading solutions. Corporate Services consists of Corporate Units and Technology and Operations (T&O). Corporate Units provide enterprise-wide expertise, governance and support in a variety of areas, including strategic planning, risk management, treasury, finance, legal and regulatory compliance, sustainability, human resources, communications, marketing, real estate and procurement. T&O develops, monitors, manages and maintains governance of information technology, including data and analytics, and provides cyber security and operations services. Strategy The key elements of the company's strategy are to drive client-focused growth and activate and scale a One Client approach, with improved connectivity and integrated offerings; accelerate a One Client approach, with improved connectivity and integrated offerings; build deep client relationships, deliver value-added solutions to meet their needs, and win through expertise, knowledge and insight; maintain its leading position in sustainable finance and build on its strong foundation in climate leadership by adding capabilities to serve rapidly evolving markets; leverage Digital First capabilities and data to improve operational efficiency and deliver innovative solutions; deliver client-centric, digitally-enabled service models with leading digital client portals and platforms; and foster a winning culture focused on alignment, empowerment and recognition, while advancing progress on its Zero Barriers to Inclusion strategy. Corporate Services, including Technology and Operations Corporate Services consists of Corporate Units and Technology and Operations (T&O). Corporate Units provide enterprise-wide expertise, governance and support in a variety of areas, including strategic planning, risk management, treasury, finance, legal and regulatory compliance, sustainability, human resources, communications, marketing, real estate and procurement. T&O develops, monitors, manages and maintains governance of information technology, including data and analytics, and provides cyber security and operations services. Corporate Services focuses on enterprise-wide priorities related to maintaining a sound internal control and risk management environment and regulatory compliance, including the management, assessment and monitoring of BMO's investment portfolios and funding, liquidity and capital activities, as well as any exposures to credit, foreign exchange and interest rate risks. In support of the operating segments, Corporate Services develops and implements enterprise-wide processes, systems and controls to maintain operating efficiency and enable the company's businesses to adapt and meet their customer experience objectives. Acquisitions On February 1, 2023, the company completed its acquisition of Bank of the West, including its subsidiaries, from BNP Paribas. Bank of the West provides a broad range of banking products and services, primarily in the Western and Midwestern regions of the United States. The company completed the conversion of Bank of the West customer accounts and systems to its respective BMO operating platforms in September 2023. The acquisition has been reflected in the company's results as a business combination, primarily in the U.S. P&C and BMO Wealth Management reporting segments. Supervision and Regulation in Canada The company's activities in Canada are governed by the Bank Act. The company's Canadian trust, loan and insurance subsidiaries are federally regulated financial institutions governed by the Trust and Loan Companies Act (Canada) and the Insurance Companies Act (Canada), respectively, and under provincial laws in respect of their activities in the provinces. The company and its Canadian trust, loan and insurance subsidiaries are also subject to regulation by the Financial Consumer Agency of Canada (the FCAC). The FCAC enforces consumer-related provisions of the federal statutes which govern these financial institutions. Certain activities of the company and its subsidiaries acting as securities brokers, dealers, underwriters, advisors and investment fund managers are regulated in Canada under provincial securities legislation and, in some cases, by a self-regulatory organization (Canadian Investment Regulatory Organization). Supervision and Regulation in the United States In the United States, the operations of the company and its subsidiaries are supervised, regulated, and examined by regulatory and government agencies at the federal and state level. As a foreign bank, the company is subject to various U.S. laws and regulations, including the United States International Banking Act of 1978, the United States Bank Holding Company Act of 1956, and related regulations. The Board of Governors of the Federal Reserve System, including the Federal Reserve Banks (the Federal Reserve), and state banking regulators oversee the company's branch and office operations in the United States. The U.S. Securities and Exchange Commission (the SEC), the Financial Industry Regulatory Authority, and state securities regulators regulate broker-dealer subsidiaries. The SEC and state securities regulators regulate registered investment advisor subsidiaries. The company and its subsidiaries own two Federal Deposit Insurance Corporation (FDIC) insured depository institutions in the United States, BBNA and BMO Harris Central N.A. (BHC). BBNA provides banking, financing, investing, and cash management services across the United States. BHC provides limited cash management services. They are subject to examination by the Office of the Comptroller of the Currency (OCC). The company is also subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The bank is also subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). International Supervision and Regulation Outside Canada and the U.S., each of the company's branches, agencies and subsidiaries must comply with the regulatory requirements of the country or jurisdiction where it conducts business. These include the Basel Committee on Banking Supervision capital, liquidity and prudential rules (Basel III), or local variations on Basel III, which are intended to strengthen the banking sector's capital and liquidity frameworks. History Bank of Montreal was founded in 1817. The company was incorporated in 1995 by an Act of Lower Canada as the first Canadian chartered bank. Since 1871, the company has been a chartered bank under the Bank Act (Canada) (the Bank Act) and is named in Schedule I of the Bank Act.

Country
Industry:
Commercial banks
Founded:
1817
IPO Date:
12/13/1972
ISIN Number:
I_CA0636711016
Address:
129 rue Saint-Jacques, Montreal, Quebec, H2Y 1L6, Canada
Phone Number
Data Unavailable

Key Executives

CEO:
White, William
CFO
Tuzun, Tayfun
COO:
Data Unavailable