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TORONTO, ONTARIO--(Marketwire - May 17, 2012) - The United States is the most popular market for Canadian business owners looking to expand internationally, according to a new report from BMO Bank of Montreal. Europe ranked second, despite ongoing economic and political uncertainty.

The survey results compare business owners' views from a year ago; they appear to reflect a strengthening U.S. economy, with 68 per cent looking to expand south of the border - up 12 per cent from 2011. Meanwhile, 32 per cent of Canadian entrepreneurs are interested in growing their business in Europe; this is similar to last year, despite continuing economic challenges - most notably in Greece.

According to the survey conducted by Leger Marketing, the top markets for expansion include:

• United States - 68 per cent
• Europe - 32 per cent
• India - 15 per cent
• Central and South America - 15 per cent
• China - 12 per cent
• Mexico - 6 per cent

"For growth and expansion plans, the good news is that there is an encouraging level of optimism in the Canadian business community," said Cathy Pin, Vice-President, Commercial Banking, BMO Bank of Montreal. "At BMO, we are working closely with business owners to help them make strategic spending and investment decisions, and help them capitalize on opportunities to make international expansion part of their comprehensive and diversified business strategy."

"Canadian businesses appear to be positioning themselves to take advantage of an expected pick up in the global economy in the later part of this year," according to Benjamin Reitzes, Senior Economist, BMO Capital Markets. "While the domestic market is important, geographical diversification can be an engine for growth as well."

The online survey was conducted by Leger Marketing between March 21, 2012 and April 12, 2012, using a sample of 500 Canadian small business owners. A probability sample of the same size would yield a margin of error of ±4.38 per cent, 19 times out of 20.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly-diversified North American financial services organization. With total assets of $538 billion as at January 31, 2012, and more than 47,000 employees, BMO Financial Group provides a broad range of retail banking, wealth management and investment banking products and solutions.