Bank of Montreal facts for kids
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Operating headquarters in Toronto, Canada
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Trade name
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BMO Bank of Montreal BMO Financial Group (US) |
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Native name
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Banque de Montréal
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Formerly
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Montreal Bank (1817–1822) |
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| Traded as | TSX: BMO NYSE: BMO S&P/TSX 60 component |
| Industry | Financial services |
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Key people
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| Revenue |  Can$31.2 billion (2023) |
| Can$4.37 billion (2023) |
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| AUM |  Can$333 billion (2023) |
| Total assets | Can$1.29 trillion (2023) |
| Total equity | Can$77.0 billion (2023) |
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Number of employees
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55,767 (FTE, 2023) |
| Subsidiaries | BMO Capital Markets BMO Bank, N.A. BMO Nesbitt Burns Moneris Diners Club International (North America Operations) Clearpool Group Lloyd George Management LGM Investments AIG Life Insurance Company of Canada Radicle Group Air Miles |
The Bank of Montreal (often called BMO) is a big Canadian company that offers many financial services. Think of it like a helpful friend for money matters! It's one of the largest banks in North America.
BMO started way back in 1817 in Montreal, Quebec, Canada. This makes it Canada's oldest bank. Today, its main office is still in Montreal, but its daily operations are run from Toronto, Ontario. BMO helps over 13 million customers around the world, with many branches in Canada and the United States. In the U.S., it's known as BMO Financial Group.
BMO also has special divisions. BMO Capital Markets helps big companies with their finances, and BMO Nesbitt Burns helps people manage their investments. In 2023, BMO bought another bank called Bank of the West to grow even more in the United States.
Contents
A Look at BMO's Journey: How It Grew
Starting Small: The 1800s
BMO began on June 23, 1817, when a group of business people decided to create the "Montreal Bank." They rented a small space in Montreal. Soon after, they opened their first branch in Quebec City and other offices in places like Kingston and Toronto. They even opened an office in New York City in 1818!
By 1822, the bank changed from being owned by a few people to being owned by many, becoming a public company. This is when it officially got its current name, Bank of Montreal.
At first, BMO couldn't open branches in some parts of Canada. But after Upper Canada and Lower Canada joined together in 1841, BMO could expand. It opened branches in many new towns like Cobourg and Ottawa.
After Canada became a country in 1867 (this is called Canadian Confederation), BMO grew even more. It opened its first branch in Western Canada in Winnipeg in 1877. It also opened branches in Halifax and Saint John. In 1895, the government of Newfoundland Colony even asked BMO to open branches there after other banks had problems.
Growing Bigger: The 1900s
In the early 1900s, BMO continued to expand by buying other banks. This helped them reach more customers in places like Newfoundland and areas west of Quebec. They bought banks like the Ontario Bank in 1906 and the Molson Bank in 1925.
Did you know banks used to print their own money? BMO stopped printing its own bank notes in 1942. By 1944, the Bank of Canada became the only one to print money for the country.
In 1977, BMO moved its main operational office to First Canadian Place in Toronto. This tall building was named after the bank's slogan at the time: "The First Canadian Bank." Even though the main operations moved, the bank's original building in Montreal is still its official legal headquarters.
In the 1980s, BMO bought Harris Bank in Chicago, which later became BMO Harris Bank. They also bought a stock brokerage company called Nesbitt, Thomson and Company. In 1994, BMO became the first Canadian bank to be listed on the New York Stock Exchange, which is a big deal for a company! They also opened their first branch in Guangzhou, China, becoming the first Canadian bank to operate there.
In 1998, BMO and another big Canadian bank, Royal Bank of Canada, wanted to merge, but the government didn't allow it. However, in 2000, BMO and Royal Bank teamed up to create Moneris Solutions, which helps businesses process payments.
The 2000s: New Adventures
In 2009, BMO bought AIG's life insurance business in Canada, making BMO a bigger player in life insurance. They also got the rights to issue Diners Club International cards in North America.
In 2010, BMO became the first Canadian bank to officially set up a company in China. Later that year, they bought Marshall & Ilsley, a bank based in Milwaukee. This bank was then combined with Harris Bank and became BMO Harris Bank.
In 2018, BMO and another bank faced a cyberattack where hackers claimed to have stolen customer information. BMO worked to protect its customers.
In 2019, BMO made headlines when a 12-year-old Indigenous girl and her grandfather were handcuffed at a branch in Vancouver due to an identification issue. This led to protests and a human rights claim. BMO later reached a settlement, which included an apology, a payment, and changes to how the bank handles Indigenous identification cards. BMO also created an Indigenous Advisory Council to help improve its policies.
BMO is also working towards a greener future. In 2021, they joined the UN Principles for Responsible Banking, aiming to reach net-zero climate targets by 2050. In 2022, they bought a company called Radicle Group Inc., which helps other companies measure their carbon emissions.
In 2023, BMO completed its purchase of Bank of the West in the U.S., which greatly expanded its presence there. In 2024, BMO became a new member of the group of banks that buy bonds directly from the government in the United Kingdom.
How BMO Works: Inside the Bank
BMO is organized into three main groups to serve different types of customers:
- Personal and Commercial Client Group: This group helps everyday people and businesses with things like bank accounts, credit cards, and loans. In Canada, it's called BMO Bank of Montreal, and in the U.S., it's BMO USA.
- Investment Banking Group: This is known as BMO Capital Markets. It helps big companies with financial advice and raising money.
- Private Client Group: This group helps people manage their wealth and investments. It includes BMO Nesbitt Burns for full-service investing and BMO InvestorLine for those who want to manage their own investments.
BMO's Leaders: Who's in Charge?
BMO has had many important leaders throughout its history. These include presidents and Chief Executive Officers (CEOs) who guide the bank's direction. The current CEO is Darryl White.
Important Buildings: BMO's Historic Places
Many of BMO's bank branches are in beautiful, historic buildings. Some of these buildings are recognized as important heritage sites by local governments.
- The Bank of Montreal, 4896 Delta Street, Delta, British Columbia (built in 1919)
- The Bank of Montreal, 426 Portage Avenue, Winnipeg, Manitoba (built in 1927)
- The Bank of Montreal, 1 Main Street West, Hamilton, Ontario (built in 1928)
- The Bank of Montreal, 144 Wellington Street, Ottawa, Ontario
Some older BMO buildings have even been given new life! A former branch in Montreal is now a National Historic Site. Another old branch in Toronto, built in 1885, now houses the famous Hockey Hall of Fame.
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BMO and Sports: Fun Sponsorships
BMO loves to support sports and other activities!
- Soccer: BMO has been a big sponsor of Toronto FC, a soccer team in Major League Soccer, since 2007. Their home stadium is even called BMO Field! BMO also sponsors CF Montréal and Los Angeles FC, whose stadium is called BMO Stadium.
- Figure Skating: Since 1997, BMO has been a major sponsor of Skate Canada, supporting many figure skating championships and programs.
- Marathons: Since 2005, BMO has been the main sponsor for the annual Vancouver Marathon.
Being a Member: BMO's Connections
BMO is part of the Canadian Bankers Association, which is like a club for banks in Canada. It's also a member of the Canada Deposit Insurance Corporation, which helps protect your money if something happens to the bank.
In the United States, BMO Bank is a member of the Federal Reserve System and the Federal Deposit Insurance Corporation, which also helps protect customer deposits.
Images for kids
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The official logo of BMO.
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First Canadian Place in Toronto, BMO's operational headquarters.
See also
In Spanish: Banco de Montreal para niños
