BMO Bank of Montreal announced today that it has signed an agreement with Sobeys Inc. to open 80 In-Stores over the next five years, in ‘Sobeys’ grocery stores in Ontario and Atlantic Canada as well as in ‘IGA extra’ stores in Quebec.
“Our existing In-Stores in BC, Prairies, Ontario and Quebec have been extremely successful,” said Rob Pearce, President and CEO, Personal and Commercial Client Group, BMO Bank of Montreal. “These additional locations provide a cost-effective means to extend our distribution network in Ontario, Quebec and Atlantic Canada and will provide BMO customers in these areas with greater and more convenient access to our products and services when and where they want it.”
“The In-Stores will provide a convenient, value-added service to our customers,” said Bill McEwan, President and Chief Executive Officer, Sobeys Inc.
Mr. Pearce explained that the key to BMO’s In-Store success has been the application of a simple model and strong support from its grocery store partners. “The key is to get a good spot, in a good store, with good traffic,” he said. “Sobeys is a distinguished brand with a strong presence in their markets; we know they can deliver on each of those three criteria.”
Four In-Stores are currently planned for the greater Halifax area in August and three to five In-Stores are planned to open in Quebec towards the fall. Ultimately, more than half of the planned In-Stores will be opened in the Atlantic Provinces and in Quebec.
“Our immediate focus is to build out our presence in Quebec and the Atlantic Provinces,” said Mr. Pearce.
He explained that In-Stores are part of the bank’s multi-channel customer strategy, offering a convenient place to buy BMO banking products. “Our In-Stores are able to fulfill a customer’s immediate financial needs and draw on the expertise available in the network to assist clients in meeting their longer term financial goals.”
Mr. Pearce said that customers will benefit from the added convenience of extended hours and increased access to BMO products and services.
BMO In-Stores will be staffed by experienced and active sales people who are well qualified to attend to customers’ questions and needs. Because they are in grocery stores, BMO In-stores will be open six to seven days a week, offering extended hours of service on weekends and evenings.
About BMO Bank of Montreal
BMO Bank of Montreal is a member of BMO Financial Group, one of the largest financial services providers in North America. BMO Bank of Montreal provides a full range of everyday banking products and services through a network of full-service retail branches, telephone, internet and ABM channels across Canada.
BMO Financial Group serves clients across Canada and in the United States through its Canadian retail arm BMO Bank of Montreal, Chicago-based Harris Bank, a major U.S. mid-west financial services organization that also has wealth management offices across the United States, and through BMO Nesbitt Burns, one of Canada's leading full-service investment firms.
Sobeys Inc. (TSX:SBY) is one of Canada's two national retail grocery and food distributors. Headquartered in Stellarton, NS, the company owns or franchises more than 1,300 corporate and franchised stores in all 10 provinces under retail banners that include Sobeys, Garden Market IGA, IGA, IGA extra and Price Chopper. Sobeys is committed to providing the most worthwhile experience for its customers, people, franchisees, suppliers and shareholders. More information on Sobeys Inc. can be found at www.sobeys.com.
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BMO’s In-Store Fact Sheet
BMO Sobey’s Locations
More than half of planned 80 In-Stores will be opened in Atlantic provinces and Quebec
4 stores opening in August in the Halifax Dartmouth area
Additional In-Stores in Atlantic over the next 4 years
3 ABMs in local Sobeys stores
3-5 In-Stores opening in Quebec towards the fall, with additional sites planned over the next 4 years
30- 40 BMO Bank of Montreal In-Stores in Sobeys locations throughout Ontario over the next 5 years
Each site employs 2-3 Sales Associates and one Manager
Currently 98 In-Stores
Each In-Store employs on average 3.5 full-time-equivalent staff
Average square footage is 300 square feet
Extended hours of service (6-7 days per week)
Available Products and Services
Earn Air Miles Rewards
Loans, mortgages and lines of credit
New accounts and banking plans
Take care of everyday banking transactions – deposits, withdrawals, transfers, bill payments at the on-site, full service ABM
Apply for a Mosaik MasterCard credit card
Purchase a range of investment products, including GICs, short-term investment certificates, term deposit receipts, RSPs, RESPs, Canada Savings Bonds, mutual funds
Customer benefits at In-Stores include:
Professional BMO staff who can meet with customers in private office space to ensure a confidential atmosphere;
Longer hours than a traditional branch and 6-7-day a week operation;
Convenient locations that, for many people, are in their neighbourhood or on the way home
Reassurance of dealing with a long-established financial institution and a brand name customers know and trust
A broad range of BMO financial products and services (excludes drafts, money orders, safety deposit boxes, wire transfers and business banking services);
Ability to earn bonus Air Miles rewards
Locations (by partner and by province)
|Current total (as at July 3, 2003)||98|
|British Columbia||28 (Safeway)|
|Ontario||23 (A&P); 1 (Safeway)|
|Quebec||7 Sobeys (IGA banner)|
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