News Releases
ST. JOHN'S, NL, December 15, 2008 – BMO Harris Private Banking, Newfoundland's fastest growing private bank, officially opened a newly expanded office in St. John's today, in the presence of BMO Financial Group partners and clients. The BMO Harris Private Banking team offers a unique wealth management service designed specifically to meet the increasingly complex financial needs of affluent Newfoundlanders and Labradorians.
"We're very pleased that we are now able to offer our outstanding personalized service on the ground in St. John's to high net-worth families across the province,” said Ryan McNally, Vice President and Managing Director, BMO Harris Private Banking, Atlantic Canada. “Our clients seek an integrated set of banking, investment management, estate and trust services that can also include financial planning and other specialty services, like philanthropic advisory, and succession planning. With a team of more than 30 experienced professionals, we are now serving the needs of clients throughout Atlantic Canada, with offices in St. John's, Halifax, and in Moncton."
”We are proud to offer this additional BMO service and expertise to our existing customers and look forward to meeting the growing needs of the local affluent market,” added Janet Peddigrew, District Vice President, BMO Bank of Montreal, Newfoundland and Labrador.
Patrick Murphy, a senior private banker, leads a five-person team of skilled and highly trained professionals who serve clients in a welcoming and confidential environment. The BMO Harris Private Banking office is located on the 3rd floor of the BMO Building at 238 Water Street.
Mr. McNally emphasized the growing needs for private banking in St. John's while commenting on the economic health of the province: “Underlying economic trends in Newfoundland and Labrador remain healthy, with expected GDP growth of 1.3 per cent in 2008 and 1 per cent in 2009. As well the local housing market is feverish, with existing home prices in St. John's up 26 per cent year-to-year in October, the biggest increase in Canada, “said Mr. McNally. We are delighted to now provide our private banking solutions in Newfoundland and Labrador, one of Canada's brightest economic spots.”
BMO Harris Private Banking also offers highly specialized succession planning services. “Many Canadian business owners are undecided about a planned exit strategy with the vast majority unsure how, when or to whom they will relinquish their business,” said Andrew Auerbach, Senior Vice President and Chief Operating Officer, BMO Harris Private Banking. In Atlantic Canada, a recent Harris/Decima study commissioned by BMO Bank of Montreal showed that only 27 per cent of business owners indicated they were 10 or more years from retirement, which suggests there are a far greater number of owners in this region who have less than a decade to get a succession plan in place.”
BMO Harris Private Banking, a member of BMO Financial Group, serves the needs of affluent clients and their families, helping them with a wide range of complex financial issues. Modeled on the highly-regarded private banking business of Harris Bank, BMO's Chicago-based U.S. subsidiary, which has been managing money for clients for more than 100 years, the opening of the office signals a confidence in market opportunities to serve the needs of the region's affluent citizens.
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