News Releases

CALGARY, ALBERTA--(Marketwired - July 22, 2013) - BMO Bank of Montreal announced today that it is making up to an additional $1 billion available to businesses in Alberta to help rebuild from the flooding.

"We want to support Albertans who are affected by damage caused by what is considered to be the worst flooding in decades. This new money will provide small and medium-sized businesses with more certainty of available credit and represents BMO's ongoing confidence in them," said Robert Hayes, Senior Vice President, Alberta and NWT Division, BMO Bank of Montreal. "Our bankers are armed with high credit limits and are ready to make lending decisions locally."

"Despite the challenges associated with the flood, Alberta is still on pace to post above-average economic growth of 2.2% this year, accelerating to 3.3% in 2014," said Robert Kavcic, Senior Economist, BMO Capital Markets. "Recent increases in oil prices, both WTI and Western Canada Select, is a favourable development for the energy sector and provincial finances."

"This commitment is a shot in the arm to help ensure that Alberta fully realises its growth potential," added Mr, Hayes.

The announcement follows BMO's recent flood relief program to assist customers affected by the flooding in Calgary and other impacted locations throughout southern Alberta. In addition, BMO announced a $100,000 donation to the Canadian Red Cross to support relief efforts in the region.

BMO Bank of Montreal branches across Canada are accepting donations to the Canadian Red Cross to support relief efforts for those affected by the flooding.

Alternatively, donations can be made direct at 1-800-418-1111 or WeCare@redcross.ca.

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 $555 billion as at April 30, 2013, and more than 46,000 employees, BMO Financial Group provides a broad range of personal and commercial banking, wealth management and investment banking products and solutions.