News Releases
With the Canadian flag flying outside the 101-year-old New York Stock Exchange building, Tony Comper, President and CEO, BMO Financial Group today rang The Opening Bell to celebrate BMO's 10th anniversary as a listed company on the NYSE.
"This is a great accomplishment for BMO," said Mr. Comper, just before he and a handful of BMO and Harris executives walked on to the floor to signal the opening of trading. "We have made great strides as a company over the last 10 years, when we first decided to list on the NYSE to further our North American strategy. Today, we remain committed to achieving this goal by growing our core Canadian business and continuing to expand in the U.S."
BMO's shares began trading on the NYSE on October 27, 1994 - the first Canadian bank to be listed on the exchange. At the time, BMO's shares were trading at US$9.25 on the NYSE and today they have more than quadrupled to US$44.95.
"Since 1994, we have developed a truly enviable U.S. franchise with capabilities in retail, wealth management and investment banking," said Mr. Comper. "Today, we are growing profitably where opportunities exist, notably the U.S. Midwest, and we are exceptionally well positioned for further U.S. expansion."
To commemorate the occasion, Mr. Comper on behalf of BMO made a donation to the NYSE Members' Handicapped Children's Fund, which supports 45 institutions and programs that directly provide services to thousands of physically and mentally handicapped children in the New York City metropolitan area.
BMO's 10th year of listing on the NYSE also coincides with another important milestone. This year marks the 20th anniversary of BMO's purchase of Harris Bank, when it became the first Canadian bank to establish a major foothold in the United States.
"When we acquired Harris in 1984, it was essentially a wholesale and private bank with just 23 branches. Since then, through a combination of organic growth and acquisitions, we have transformed Harris into a full-service retail bank with 167 branches in one of the highest potential and most fiercely contested markets in the U.S.," said Mr. Comper.
"We have also become the Canadian industry's most accomplished acquirer in the U.S., adding and successfully integrating 13 acquisitions since 1999 alone. Today, all our U.S. businesses operate under the well-known and respected Harris brand and serve more than 1.5 million clients," he added.
Mr. Comper said his long-term goal is to transform BMO into a top-performing Canada-U.S. financial services organization. "We have been executing the same strategy at a steadily accelerating pace - a strategy that makes us the Canadian leader in U.S. banking."
Note to Photo Editors: A photo accompanying this release will be available on the Canadian Press Photo Network later this morning.
Note to Television Networks: The Opening Bell (starting at 9:25 a.m. E.D.T.) feeds are available via fiber line at Waterfront #1630.
About BMO FINANCIAL GROUP
Established in 1817 as Bank of Montreal, BMO Financial Group (TSX, NYSE: BMO) is a highly diversified financial services organization. With total assets of $262 billion (Cdn.) as at July 31, 2004 and more than 34,000 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. In the United States, BMO serves clients through Harris, an integrated financial services organization that provides 1.5 million personal, business, corporate and institutional clients with banking, lending, investing, financial planning, trust administration, portfolio management, family office and wealth transfer services.
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BMO Financial Group celebrates its 10th anniversary of listing on the NYSE. President and CEO Tony Comper (center) rings The Opening Bell. BMO’s shares began trading on the NYSE on October 27, 1994. Since then, they have more than quadrupled from US$9.25 to US$44.95 on the NYSE.
With the Canadian flag flying outside the NYSE, Tony Comper, President and CEO, BMO Financial Group, today rang The Opening Bell. BMO’s shares began trading on the NYSE on October 27, 1994. Since then, its shares have quadrupled from US$9.25 to US$44.95 on the NYSE.