Bank of Montreal
Canada's oldest bank and a major North American banking and financial-services group.
Last updated August 21, 2026
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Overview
Bank of Montreal, commonly known as BMO, is a Canadian multinational bank and financial-services company founded in Montreal in 1817 as the Montreal Bank. Its founding made it Canada's oldest continuously operating bank. The institution began as a merchant bank serving Montreal's commercial community and rapidly developed a branch network across Quebec, Upper Canada and, later, the wider Canadian federation. It adopted the Bank of Montreal name in 1822 after becoming a public company. BMO's legal head office remains in Montreal, while its executive and operational centre has been based at First Canadian Place in Toronto since 1977. The bank's Canadian operations include personal and commercial banking, credit cards, mortgages, deposits, insurance and investment services. Its principal Canadian consumer brand is BMO Bank of Montreal. The group also operates wealth-management businesses including BMO Nesbitt Burns, BMO InvestorLine and BMO Private Banking, and provides institutional and corporate services through BMO Capital Markets. The bank expanded beyond Canada through a combination of branches, acquisitions and specialist businesses. Its United States presence grew substantially through the acquisition of Harris Bank in 1984, later operated under the BMO Harris name, followed by additional purchases in the Chicago and Midwest markets. BMO acquired Marshall & Ilsley in 2011 and combined its operations with the Harris network. In 2023, it completed the acquisition of Bank of the West from BNP Paribas, materially increasing its American retail and commercial-banking footprint; the acquired business was subsequently integrated into the BMO brand. BMO also has activities in investment banking, capital markets, institutional lending, asset management, private banking, insurance and specialized finance. Its brands and divisions serve individuals, small and medium-sized businesses, corporations, governments and institutional investors. The group became the first Canadian bank listed on the New York Stock Exchange in 1994 and trades under the symbol BMO on both the Toronto Stock Exchange and the New York Stock Exchange. The bank's history includes important roles in Canadian financial development, including expansion into Western Canada after Confederation, service to Newfoundland following the collapse of local banks in 1894, and the consolidation of numerous Canadian financial institutions. BMO stopped issuing its own bank notes in 1942 as Canada's central bank became the country's sole currency issuer. In the modern period, the institution has faced regulatory, litigation, cybersecurity, conduct and human-rights controversies, while also expanding its responsible-banking and Indigenous-engagement programs. It remains an active, diversified North American financial institution.
History
The Bank of Montreal was created on 23 June 1817 when a group of Montreal merchants signed articles establishing the Montreal Bank. Its first premises were rented rooms on Rue Saint-Paul. The institution opened a Quebec City branch in 1818 and established early offices in communities including Amherstburg, Kingston, Perth and York, now Toronto. It also opened a New York office in 1818, beginning an international presence at an early stage. In 1822, the bank changed from a privately held institution controlled by a small group of owners into a public company with 144 shareholders and formally adopted the Bank of Montreal name. Expansion into Upper Canada was temporarily restricted by legislation, but the bank returned to the market through its 1838 purchase of the Bank of the People in Toronto. Following the creation of the Province of Canada, it resumed direct branch expansion in communities including Cobourg, Belleville, Brockville and Ottawa. After Canadian Confederation, BMO expanded into the Maritimes and Western Canada. It opened a Winnipeg branch in 1877 and established branches in Halifax, Moncton and Saint John. At the request of Newfoundland's colonial government, it entered Newfoundland in 1895 after the collapse of the Commercial Bank and Union Bank of Newfoundland. By 1907, it had branches in every Atlantic province. Acquisitions of the Exchange Bank of Yarmouth, People's Bank of Halifax and People's Bank of New Brunswick strengthened its regional network. The early twentieth century brought further consolidation. BMO acquired the Ontario Bank in 1906, the Bank of British North America in 1918, the Merchants Bank of Canada in 1921 and Molson Bank in 1925. It ended production of its own bank notes in 1942 as the Bank of Canada became the sole issuer of Canadian currency. In 1967, the bank introduced its M-Bar logo. Its advertising also used the slogan “The First Canadian Bank,” supported by prominent television campaigns in the 1960s and 1970s. Operational headquarters moved to Toronto's First Canadian Place in 1977, although Montreal remained the legal head-office location. BMO began building a substantial United States franchise with its 1984 acquisition of Chicago-based Harris Bank. It purchased Nesbitt, Thomson and Company in 1987 and later combined that business with Burns Fry to create BMO Nesbitt Burns. In the 1990s, it added Chicago-area institutions including Suburban Bancorp and Household Bank. It became the first Canadian bank listed on the New York Stock Exchange in 1994 and opened a Guangzhou branch during the decade, becoming the first Canadian bank licensed to operate a branch in China. A proposed 1998 merger with Royal Bank of Canada was blocked by Canadian regulators; the two banks later combined their merchant-payment-processing businesses into Moneris Solutions. In the twenty-first century, BMO expanded into insurance, payments, specialized finance and additional American banking markets. It purchased BCPBank's Canadian division in 2006, acquired AIG's Canadian life-insurance business and the North American Diners Club franchise in 2009, and incorporated its Chinese operations as BMO ChinaCo in 2010. Its acquisition of Milwaukee-based Marshall & Ilsley was announced in 2010 and completed in 2011, with the combined American operations operating as BMO Harris Bank. Further transactions included Foreign & Colonial Investment Trust, GE Capital's transportation-finance unit and Calgary-based sustainability adviser Radicle Group. BMO entered the Canadian cannabis sector in 2018 through a reported investment in a producer and expanded its stated sustainability commitments by signing the United Nations Principles for Responsible Banking in 2021. It also announced plans to increase Indigenous lending. In 2021, BMO agreed to acquire Bank of the West from BNP Paribas; the transaction closed in 2023 and significantly enlarged the group's United States platform. In 2024, BMO joined the United Kingdom's primary group of government-bond dealers. The bank continues to operate as a diversified North American financial-services group spanning retail and commercial banking, capital markets, wealth management, private banking, insurance and asset management.
- 2023
Bank of the West acquisition closes
[1]BMO completes its acquisition of Bank of the West from BNP Paribas.
- 2011
Marshall & Ilsley integration
[1]Marshall & Ilsley is combined with BMO's Harris operations in the United States.
- 1994
New York Stock Exchange listing
[1]BMO becomes the first Canadian bank listed on the NYSE.
- 1984
Harris Bank is acquired
[1]The acquisition establishes a major BMO banking platform in the United States.
- 1895
Entry into Newfoundland
[1]BMO opens branches in Newfoundland at the request of the colonial government.
- 1877
Western Canadian expansion begins
[1]BMO opens its first branch in Western Canada, in Winnipeg.
- 1822
The Bank of Montreal name is adopted
[1]The bank becomes a public company and formally adopts its present name.
- 1817
Montreal Bank is founded
[1]Montreal merchants establish the institution on 23 June as the Montreal Bank.
Products and positioning
A long-established, diversified Canadian bank with a North American scale, emphasizing integrated personal, commercial, wealth-management and capital-markets services.
Personal and commercial banking
BMO Bank of Montreal
The Canadian retail and commercial-banking franchise provides transaction accounts, deposits, lending, mortgages, credit cards, digital banking and services for small and medium-sized businesses.
United States banking
BMO Bank, N.A.
BMO's United States banking business serves personal, business and commercial customers, with a particularly strong historical presence in the Chicago and Midwest markets and an expanded national footprint after the Bank of the West acquisition.
Investment banking
BMO Capital Markets
The investment and corporate-banking division provides advisory, underwriting, financing, sales and trading, research and other capital-markets services to corporations, governments and institutional clients.
Wealth management
BMO Nesbitt Burns
A Canadian full-service investment dealer formed through the combination of Nesbitt Thomson and Burns Fry. It provides advisory and investment services to affluent individuals and institutions.
Self-directed investing
BMO InvestorLine
A Canadian self-directed investment platform offering online access to investment accounts and securities-trading services.
Private banking
BMO Private Banking
Private-banking and wealth-advisory services for high-net-worth clients in Canada and the United States, supported by related investment and planning capabilities.
Insurance · 2009
BMO Life
BMO's life-insurance business, expanded through the 2009 acquisition of AIG's Canadian life-insurance operations and the creation of BMO Life Assurance Company.
Controversies
2022
Marshall & Ilsley Ponzi-scheme liability
BMO recorded a charge after liability associated with Marshall & Ilsley's banking relationship to the Thomas Petters Ponzi scheme was established in litigation.
2020
Vancouver branch human-rights controversy
A First Nations child and her grandfather were handcuffed by police at a BMO branch after an identification dispute. A later settlement included an apology ceremony, branch acknowledgements and changes to internal procedures.
2020
BMO responds to Vancouver branch arrest incident
After an Indigenous man and his 12-year-old granddaughter were handcuffed at a BMO Vancouver branch, BMO apologized, announced an Indigenous advisory council, and said it was introducing training for senior leadership and accelerating employee training. The Heiltsuk Nation accused BMO of failing to acknowledge racial profiling.
2019
SEC conflict-of-interest settlement
Two Chicago-based BMO units paid US$38 million to settle allegations that conflicts of interest had not been disclosed to clients.
2018
Customer-data hacking incident
Hackers claimed to have compromised BMO systems and obtained information associated with approximately 50,000 customers while demanding a ransom.
2008
Trader admits deliberate trading-book mispricing
A BMO trader pleaded guilty to intentionally mismarking a trading book to increase a bonus.
Marketing campaigns
- 1969The First Canadian Bank
Canada
BMO used the “The First Canadian Bank” positioning in advertising during the late 1960s and 1970s, emphasizing its longevity and national reach.
Outcome. Long-running historical brand positioning
Brand decisions
2021
Acquire Bank of the WestM&ABackground
BMO sought to increase the scale of its United States consumer and commercial-banking operations.
Action taken
Announced an agreement to acquire Bank of the West from BNP Paribas for US$16.3 billion.
Aftermath
The transaction closed in 2023 and the acquired operations were integrated into the BMO platform.
Purchase price. US$16.3 billion (Announced December 2021)
2021
Adopt responsible-banking and net-zero commitmentsStrategyBackground
BMO joined international banking initiatives addressing climate risk and financed emissions.
Action taken
Signed the United Nations Principles for Responsible Banking and stated a goal of reaching net-zero financed emissions in lending by 2050.
Aftermath
The commitments became part of the group's broader sustainability and climate strategy.
2018
Enter the Canadian cannabis sectorOtherBackground
Legal cannabis created a new Canadian financial-services and investment sector.
Action taken
Made a reported $175 million investment in a cannabis producer, described as the first such investment by a Canadian Big Five bank.
Aftermath
The transaction marked BMO's entry into cannabis-sector financing and investment activity.
Investment. $175 million (2018)
Recent events
Reported
BMO completes acquisition of Euroz Hartleys’ Australian capital markets business[4]
BMO Financial Group announced that it completed its acquisition of Euroz Hartleys Group Limited’s Australian capital markets business, expanding BMO Capital Markets’ presence in Australia.
Reported
BMO announces a 2% dividend reinvestment share discount[5]
BMO Financial Group announced a two per cent discount on common shares issued from treasury under the dividend reinvestment feature of its Shareholder Dividend Reinvestment and Share Purchase Plan, beginning with the Q1 2022 dividend and continuing until further notice.
Reported
CGI partners with banks to pilot intelligent automation[6]
CGI partnered with the Bank of Montreal and National Bank of Canada to pilot intelligent process automation in document handling on the CGI Trade360 platform. CGI said the pilot demonstrated increased efficiency and effectiveness in trade-finance processes.
Reported
BMO announces $1 million donation to Hope Chicago[7]
BMO Financial Group announced a $1 million donation to Hope Chicago and said it would be actively involved with scholarship recipients through potential financial-literacy programming, mentoring, internships and employment opportunities.
Reported
Agricultural Bank of China signs cooperation agreements with three foreign banks[8]
Agricultural Bank of China signed cooperation agreements with Standard Chartered Bank, Mizuho Bank and Bank of Montreal covering areas including cross-border RMB business, financial markets and trade finance.
- Unconfirmed
Reported
BMO and Inuit Tapiriit Kanatami work to distribute PPE to Inuit communities[9]
BMO Financial Group is working with Inuit Tapiriit Kanatami to distribute masks, wipes and sanitizer to Inuit communities across Inuit Nunangat in Canada.
Reported
BMO agrees to sell private banking business in Hong Kong and Singapore[10]
BMO Financial Group said it had signed a deal to sell its private banking business in Hong Kong and Singapore to J. Safra Sarasin Group.
Reported
BMO announces partnership with The Clearing House[11]
BMO Financial Group announced a partnership with The Clearing House Payments Company, allowing U.S. business customers to receive funds immediately from sending participant banks in the Real-Time Payments network.
Reported
Kong Capital and MedCore Partners complete senior housing portfolio acquisition[12]
Kong Capital, in partnership with MedCore Partners, completed the transaction for a seven-property senior housing portfolio on June 30, 2020. Locust Point Capital provided equity as the sole limited partner, and Bank of Montreal was the lender.
BMO Financial Group acquires Clearpool Group[13]
Clearpool Group announced on April 6 that BMO Financial Group had acquired it. The report says Clearpool would continue as an independent brand under BMO Financial Group.
Sources17 sources
- 1Bank of Montrealen.wikipedia.org
- 2BMO Financial Group official websitebmo.com
- 3BMO responds to Vancouver branch arrest incidentwinnipegfreepress.com
- 4BMO完成收购Euroz Hartleys澳大利亚资本市场业务nugget.ca
- 5BMO宣布股息再投资计划股票享有2%折扣prnewswire.com
- 6CGI与银行合作试点智能自动化prnewswire.com
- 7BMO 宣布向 Hope Chicago 捐赠 100 万美元prnewswire.com
- 8中国农业银行与三家外资银行签署合作协议finance.people.com.cn
- 9BMO与因纽特人组织合作向因纽特社区分发防护用品rcinet.ca
- 10BMO 同意出售香港和新加坡私人银行业务toronto.citynews.ca
- 11BMO宣布与The Clearing House建立合作关系prnewswire.com
- 12Kong Capital与MedCore Partners完成老年住房资产组合收购prnewswire.com
- 13BMO金融集团收购Clearpool集团forex.cnfol.com
- 14BMO Financial Group同意收购Clearpool Groupfinanznachrichten.de
- 15BMO公布2015年第一季度业绩finanznachrichten.de
- 16BMO Completes Clearpool Acquisition - Traders Magazinetradersmagazine.com
- 17Clearpool Agrees to be Acquired by BMO Financial - Traders Magazinetradersmagazine.com
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