News Releases

HSBC Bank Canada and BMO Financial Group Sign ABM-Network Sharing Agreement

HSBC Bank Canada and BMO Financial Group have signed an agreement that will provide HSBC Bank Canada customers with access to BMO Bank of Montreal’s automated banking machine (ABM) network across Canada.

Starting in early 2005, this arrangement will allow HSBC Bank Canada customers to withdraw cash, and in time make deposits, through more than 2,020 BMO Bank of Montreal ABMs – greatly increasing HSBC customers’ access to ABM services coast-to-coast.

Lindsay Gordon, President and Chief Executive Officer, HSBC Bank Canada said: “We are very pleased to further expand our network to serve the needs of our clients. This agreement brings the total number of ABMs where HSBC Bank Canada customers can withdraw cash without incurring a surcharge to more than 3,700, making it the third largest system of ABMs in Canada.”

Rob Pearce, President, Personal and Commercial Client Group, BMO Financial Group, said the ABM agreement will significantly enhance transaction volumes and increase related revenues for BMO’s ABM distribution channel.

“This network sharing arrangement reflects the natural evolution of a longstanding client relationship with HSBC that spans more than 18 years.”

In addition to, and as part of the agreement, HSBC Bank Canada has renewed and significantly expanded an existing contract under which BMO will continue to provide HSBC with cheque-clearing and cash management services, including allowing select HSBC Bank Canada commercial clients to make deposits at BMO Bank of Montreal branches.

About HSBC Bank Canada:
HSBC Bank Canada, a subsidiary of HSBC Holdings plc, is a full-service financial institution with more than 170 offices. Established in 1981, it has grown to be the 7th largest bank and leading international financial institution in Canada. With about 10,000 offices in 76 countries and territories and assets of US$1,154 billion at 30 June 2004, the HSBC Group is one of the world’s largest banking and financial services organizations. For more information please visit www.hsbc.ca.

About BMO Financial Group:
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization. With total assets of $262 billion 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 and through BMO Nesbitt Burns, one of Canada’s leading full-service investment firms. In the United States, BMO serves clients through Chicago-based Harris, an integrated financial services organization that provides more than 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. For more information, please visit www.bmo.com.

Rob Pearce, President, Personal and Commercial Client Group, BMO Financial Group, says the new ABM network sharing agreement with HSBC Bank Canada will significantly enhance transaction volumes and increase related revenues for BMO's ABM distribution channel.