BMO Financial Group Celebrates 190th Anniversary
Canada’s First Bank: a history of firsts for customers,
employees and communities
TORONTO and MONTREAL,
November 2, 2007 – BMO Financial Group is celebrating its
190th anniversary November 3. It was on this day in 1817 when nine Montreal
businessmen invested $150,000 to found the Bank. Originally known as Montreal
Bank, the Bank opened its doors for the first time on St. Paul Street in
Montreal.
As Canada’s first bank, BMO has been first with many innovations over
the years to better serve customers, and the pace is accelerating. In 1817,
the Bank’s capital was $150,000. Today, the market value of the bank
is more than $30 billion.
Since its founding, BMO
has played a significant role in projects key to the growth of Canada,
including the
construction of the first canals, telegraphs
and railways, most notably Canadian Pacific’s transcontinental line.
The Bank was also responsible for the first Canadian currency, which it issued
from its founding until the Bank of Canada was created in 1935.
“From funding the fur trade and the first railroad construction, to
providing financial services for millions of Canadians and businesses, BMO
has remained focused on serving its customers who, in turn, have built this
great country,” said Bill Downe, President and Chief Executive Officer,
BMO Financial Group.
“To facilitate
trade between Canada and the rest of the world, the Bank appointed agents
in London, England and New York within a year of its
founding. We established a permanent agency in New York’s bustling
financial district in 1859, the year a railway between Montreal and New York
was completed. In 1861, we set our sights on the U.S. Midwest, establishing
a permanent agency in Chicago. One of BMO’s early competitors was N.W.
Harris and Co., which became part of BMO Financial Group a century later,” added
Mr. Downe. “Today, as we mark our 190th anniversary, our employees
across the globe share a passion for looking at banking through our customers'
eyes.
We want to
give our customers' confidence in their own future by helping them make the
right choices.”
Other
notable firsts from Canada’s first bank include: 1870 – First Canadian bank to open an international branch – London,
England
1957 – First bank in Canada to appoint two women assistant managers
1962 – Opened an office in Tokyo - first Canadian bank to open an office
in Japan
1967 – Appointed first female director of a Canadian chartered bank
1975 – 1980 – First Canadian financial institution to go “on
line”, connecting all of its branches on a real-time basis to a central
computer
1980 – A leader in computerized technology, BMO installed the first on-line
Automated Banking Machines
1984 – First Canadian bank to acquire a U.S. subsidiary – Harris
1987 – First bank in Canada to break the pillars between brokerages
and banks with the acquisition of Nesbitt Thomson, a predecessor for BMO
Capital Markets
1988 – First bank in Canada with a series of personal banking plans
1993 – The Bank’s pioneering efforts also extend to training - committed
$50 million to develop BMO Financial Institute for Learning
1992 – Founding Sponsor of the AIR MILES Reward Miles Program - first
major bank in North America to start rewarding its customers for their personal
banking
1994 – First Canadian bank listed on New York Stock Exchange
1994 – Became the first non-U.S. company to win the high-profile Catalyst
Award, given to companies that show progress in promoting women
1996 – The first Canadian bank to offer full-service banking across
North America on the Internet
1996 – First Canadian bank to receive a licence for a full-service
branch in Beijing
1997 – First bank in North America to introduce on-line mortgage adjudication
1997 – First Canadian organization to win the Optimas Award for its
HR endeavors
2002 – First Canadian bank to participate as a marketmaker in China’s
foreign exchange market
2003 – BMO received approval from the China Securities Regulatory Commission
to acquire an interest in Fullgoal Fund Management Company Ltd., positioning
BMO as the first foreign company to acquire an interest in an established
fund management firm in China.
2004 – First Canadian bank to be granted derivatives licence in China
2005 – One of the first Canadian companies to be listed on the new
Dow Jones Sustainability North American Index
2006 – The first Canadian bank to open an Investment Banking Representative
office in China
2007 – BMO InvestorLine launched MyLink and became the first on-line
brokerage in Canada to offer a service that sends personalized messages directly
to individual investors that are customized based on each investors’ holdings,
helping them to keep on top of their portfolio
2007 – BMO launched the most comprehensive debit card rewards program for
customers in Canada. BMO’s personal banking customers can collect AIR
MILES reward miles whenever and wherever they make purchases using their
BMO Bank of Montreal debit card.
As BMO continues to expand
and renovate its branch network, the Bank will mark its 190th anniversary
with
an event today at its main branch in Montreal. “The
branch is one of the most notable buildings in the country and holds a special
place in both the city’s architectural heritage and Canada’s
history,” said Jacques Menard, President, BMO Financial Group, Quebec. “More
than bricks and mortar, this building is an enormous source of pride for
all BMO employees across Canada.”
Photo available: BMO
Bank of Montreal’s
Main Branch in Montreal, located at 119 Saint Jacques Street
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly
diversified North American financial services organization. With total
assets of $359 billion as at July 31, 2007, and more than 35,000 employees,
BMO provides a broad range of retail banking, wealth management and investment
banking products and solutions. BMO Financial Group serves clients across
Canada through its Canadian retail arm, BMO Bank of Montreal, and through
its wealth management firms BMO Nesbitt Burns, BMO InvestorLine and BMO
Harris Private Banking. BMO Capital Markets, our North American investment
and corporate banking division, provides a full suite of financial products
and services to our North American and international clients. BMO also
serves personal and commercial clients in the United States through Chicago-based
Harris, an integrated financial services organization that provides more
than one million personal and business clients with banking, lending, investing,
financial planning, trust administration, portfolio management, family
office and wealth transfer services.
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For Media Relations
Enquiries:
Paul Gammal, Toronto, paul.gammal@bmo.com,
(416) 867-3996
Ronald Monet, Montreal, ronald.monet@bmo.com,
(514) 877-1873
Laurie Grant, Vancouver, laurie.grant@bmo.com,
(604) 665-7596
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