Bank of Montreal facts for kids

The Bank of Montreal (often called BMO) is a big Canadian bank and financial company. It helps people and businesses with money services.

BMO was started in Montreal, Quebec, in 1817. This makes it Canada's oldest bank! In 2023, it was ranked among the top 100 biggest companies in the world by Forbes. Its main office is still in Montreal, but its daily operations are run from Toronto, Ontario. You might see it called BMO on the stock markets in Toronto and New York.

In the United States, BMO is known as BMO Financial Group. It has many offices, especially around Chicago. BMO also has special teams for things like helping big companies with money (called BMO Capital Markets) and managing people's investments (called BMO Nesbitt Burns). In 2023, BMO bought another bank called Bank of the West to grow even bigger in the U.S.

BMO's Story: A Look Back

How BMO Started (1800s)

The Bank of Montreal began on June 23, 1817. A group of business people signed a paper to create the "Montreal Bank." They first worked from a rented room in Montreal. Soon after, in 1818, they opened their first branch in Quebec City. They also opened offices in other parts of Canada, like Kingston and Toronto. BMO even opened its first office outside Canada in New York City in 1818.

Austin Cuvillier was one of the ten businessmen who started BMO in 1817.

By 1822, the bank changed from being owned by a small group to being owned by many people. It officially became known as the 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 open more branches. They quickly opened new offices in places like Cobourg and Ottawa.

After Canada became a country in 1867, BMO grew even more. In 1877, they opened their first branch in Western Canada, in Winnipeg. They also opened new branches in places like Halifax and Saint John. In 1895, the government of Newfoundland Colony asked BMO to open branches there after other banks had problems.

Growing Bigger (1900s)

In the early 1900s, BMO kept growing by buying other banks. This helped them have more branches in places like Newfoundland and across Western Canada. They bought banks like the Ontario Bank in 1906 and the Molson Bank in 1925.

This is a $5 banknote issued by BMO in 1942. Banks used to print their own money!

Did you know banks used to print their own money? In 1942, BMO stopped printing its own banknotes. 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 one of the bank's old slogans, "The First Canadian Bank." Even though the main operations moved, the bank's official legal headquarters is still in its historic building in Montreal. In 1967, BMO also introduced its current "M-Bar" logo.

The original BMO building in Montreal is still the bank's official headquarters.

BMO also expanded into the United States. In 1984, they bought Harris Bank in Chicago, which later became BMO Harris Bank. They also bought a stock brokerage company called Nesbitt, Thomson and Company in 1987.

In 1994, BMO became the first Canadian bank to be listed on the New York Stock Exchange. This meant its shares could be bought and sold in the U.S. In 1995, BMO opened its first branch in Guangzhou, China, becoming the first Canadian bank to get a license to operate there.

In 2000, BMO joined with another bank, the Royal Bank of Canada, to create a company called Moneris Solutions. This company helps businesses process payments from customers.

BMO Today (2000s)

In 2009, BMO bought AIG's life insurance business in Canada, making BMO one of the biggest life insurers among Canadian banks. They also took over the North American part of Diners Club International, which issues credit cards.

This map shows the locations of Marshall & Ilsley bank branches before BMO bought them in 2010.

In 2010, BMO bought a bank in Milwaukee called Marshall & Ilsley. This bank was combined with BMO's Harris Bank operations and rebranded as BMO Harris Bank.

In May 2018, BMO and another bank faced a cyberattack. BMO worked to protect customer information and address the issue.

In 2020, BMO started an Indigenous Advisory Council. This council helps the bank improve its policies and relationships with Indigenous communities in Canada. BMO also updated its internal policies for handling status cards.

BMO is committed to protecting the environment. In 2021, they signed the UN Principles for Responsible Banking. This means they are working towards reaching net-zero climate targets and reducing their financed emissions by 2050. In 2022, BMO bought a company called Radicle Group Inc. that helps other companies measure their carbon emissions.

In February 2023, BMO completed its purchase of Bank of the West. This big step greatly increased BMO's presence across the United States.

In 2024, BMO became a new member of a special group of banks in the United Kingdom. These banks buy bonds directly from the government.

How BMO Works

What BMO Does

BMO has three main groups that help different types of customers:

• Personal and Commercial Client Group: This group helps everyday people and small businesses. It includes:

* BMO Bank of Montreal (for banking in Canada) * BMO USA (for banking in the United States)

• Investment Banking Group: This group is known as BMO Capital Markets. It helps large companies with big financial deals.
• Private Client Group: This group helps people manage their wealth and investments. It includes:

* BMO Nesbitt Burns (for investing in Canada) * BMO InvestorLine (for people who want to manage their own investments) * BMO Private Banking (for special banking services for wealthy clients)

In 2008, BMO Financial Group was named one of Greater Toronto's Top Employers.

Who Leads BMO?

BMO has had many leaders throughout its long history. Here are some of the people who have served as President or CEO:

Special BMO Buildings

Old and Historic Branches

Many BMO buildings are very old and important. Some are even considered historic places by the government.

This BMO branch in Hamilton was built in 1928 and is now a recognized heritage building.

Many BMO branches built in the late 1800s were designed by a British architect named Andrew Taylor. He designed the main building on Saint Jacques Street in Montreal, which is still the bank's legal headquarters.

Some old BMO buildings are now used for other things. For example, a former BMO branch in Montreal is now a National Historic Site. Another old branch in Toronto now houses the Hockey Hall of Fame!

This former BMO branch in Toronto is now home to the Hockey Hall of Fame.

BMO's Headquarters

The official headquarters of BMO is still in Montreal, at its historic building on Saint Jacques Street. However, in 1977, the main offices for daily operations moved to First Canadian Place in Toronto. This is where the top leaders of the bank work.

BMO's Sponsorships

BMO loves to support different events and teams!

BMO has been the jersey sponsor for the soccer team CF Montréal since 2012.

• Sports: BMO is a big sponsor of soccer teams like Toronto FC and CF Montréal. Their home stadium in Toronto is even called BMO Field! They also sponsor Los Angeles FC, and their stadium is called BMO Stadium. BMO has also sponsored the Toronto Maple Leafs (hockey) and the Toronto Raptors (basketball).
• Figure Skating: Since 1997, BMO has been a major sponsor of Skate Canada. They support many national figure skating championships and programs.
• Marathons: Since 2005, BMO has been the main sponsor for the annual Vancouver Marathon.
• Arts: BMO is a founder and sponsor of the Siminovitch Prize in Theatre, which is a big award for Canadian theater artists.

BMO Memberships

BMO is part of several important groups that help banks work safely and smoothly.

In Canada, BMO is a member of the Canadian Bankers Association. It's also a registered member of the Canada Deposit Insurance Corporation, which helps protect your money in the bank.

In the United States, BMO Bank (BMO's U.S. operations) is a member of the Federal Reserve System and the Federal Deposit Insurance Corporation.

Images for kids

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  BMO's operating headquarters in Toronto, Canada

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  Bank of Montreal on an 1844 Province of Canada Token.

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  The head office for BMO USA, a Chicago-based part of BMO.

See also

In Spanish: Banco de Montreal para niños

• BMO SmartFolio
• List of banks and credit unions in Canada
• List of banks in the Americas
• List of largest banks