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63-710: Montreal Trust was founded by the Bank of Montreal . Donald Smith and Edward Clouston were amongst its charter board of directors. In the 1960s, a chain of stock purchases saw Montreal Trust come under the control of financier Paul Desmarais . In 1961, the Gatineau Electric Company, a subsidiary of the Gatineau Power Company, was renamed Gelco Entreprises Limited and converted into an investment company. The following year, Desmarais purchased 50 per cent of Gelco. In 1963, Gelco acquired half

126-636: A Vancouver branch of the bank following an identification discrepancy. The Vancouver mayor criticized the bank for what he termed giving false information to the police. The police were afterwards investigated. A human rights claim was later filed in response to the incident. A settlement was eventually reached, which included an undisclosed monetary payment to the victims, an apology ceremony in Bella Bella, territorial acknowledgement plaques installed at certain branches and BMO updating internal policies and procedures for how status cards are handled. After

189-783: A public company . In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was renamed the TSX Venture Exchange in 2002; this resulted in the creation of a parent to the TSX, the TSX Group . This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the S&;P/TSX Composite , the main index of the Toronto Stock Exchange, traded above

252-442: A Bank of Montreal trader pleaded guilty to intentionally mismarking his trading book in order to increase his bonus from the bank. In 2009, BMO purchased AIG 's Canadian life insurance business, AIG Life Insurance Company of Canada (400,000 customers and 300 employees), for approximately CA$ 330 million, making BMO the second-biggest life insurer among Canadian banks. The new component was renamed BMO Life Assurance Company. In

315-662: A federal agency insuring deposits at all of Canada's chartered banks. It is also a member of: BMO Bank (BMO's US operations) is a member of the Federal Reserve System and a registered member of the Federal Deposit Insurance Corporation . It is also a member of: Toronto Stock Exchange The Toronto Stock Exchange ( TSX ; French : Bourse de Toronto ) is a stock exchange located in Toronto , Ontario , Canada. It

378-551: A group of merchants signed the Articles of Association, formally creating the "Montreal Bank". The signors of the document include Robert Armour , John C. Bush, Austin Cuvillier , George Garden , Horatio Gates , James Leslie , George Moffatt , John Richardson , and Thomas A. Turner. The bank was first located in rooms rented on Rue Saint-Paul , Montreal , before moving to its permanent building on Rue Saint-Paul in 1818. In

441-699: A license to operate in China. During the 1990s, BMO acquired a number of other banks in the Chicago area , merging them under the Harris Bank name, including Suburban Bancorp in 1994; and Household Bank in 1999. In 1998, the Bank of Montreal and the Royal Bank of Canada announced they had agreed to a merger pending approval from the government. Government regulators later blocked the proposed merger, along with

504-655: A new trading floor and headquarters in an Art Deco building, still on Bay. By 1936, the Toronto Stock Exchange grew to become the third largest in North America. In 1977, it launched the TSE 300 index and introduced the CATS (Computer Assisted Trading System), an automated trading system, and began to use it for the quotation of less liquid equities. In 1983, the TSE vacated its Art Deco headquarters on Bay Street and moved into

567-699: A one-year sponsorship of IndyCar team Newman/Haas/Lanigan Racing to appear on the No. 06 car of Graham Rahal in the first-ever IRL -sanctioned Canadian IndyCar race at Edmonton . Since 1997, Bank of Montreal has been a major sponsor of Skate Canada , and is the title sponsor of the BMO Financial Group Canadian Championships , BMO Financial Group Skate Canada Junior Nationals, BMO Financial Group Skate Canada Challenges, BMO Financial Group Skate Canada Sectionals, and BMO Financial Group Skate Canada Synchronized Championships. It

630-628: A record number of 331,000 shares changed hands on the TSE, with an overall loss of value of 20% (in Montreal, 525,000 shares and 25% loss). Meanwhile, a British Columbia gold rush in the 1890s stimulated the demand for start-up capital but Montreal and Toronto's exchanges deemed the ventures too risky. The boom was handled with the Toronto Stock and Mining Exchange, founded in 1896 and which merged with its rival Standard Stock and Mining Exchange in 1899. The SSME, after years of ups and downs,

693-861: A rival and hostile bid from the Canadian-based Maple Group took place. The bid was for up to CAD$ 3.7 billion in cash and shares, in the hope of preventing a takeover of TMX by the LSEG Group. The group included leading Canadian banks and financial institutions. In March 2015, a competing exchange, Aequitas Neo, opened for trading, listing 45 issues that were only listed on the TSX. The new exchange aimed to focus on fairness, particularly in relation to what it referred to as "predatory high-frequency trading practices". The exchange planned to list additional TSX-listed securities. On May 27, 2014, TMX Group officially opened financial operations in Canada,

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756-685: A share exchange with the Power Corporation of Canada, where the PCC would acquire Trans-Canada in exchange for 31.4 per cent control of the PCC to be held by Desmarais through Gelco. In 1972, Investors Group increased its share in Montreal Trust to 50.5 per cent. In 1982, Power formed second arm of Montreal Trust, the Montreal Trust Company of Canada, which had a federal incorporation. Both the Montreal Trust Company and

819-694: A similar proposal by the Toronto-Dominion Bank to merge with the Canadian Imperial Bank of Commerce . Although the banks did not merge, in 2000, the Bank of Montreal, together with the Royal Bank of Canada, merged their merchant payment processor businesses to form Moneris Solutions . In 2006, BMO bought BCPBank, a Schedule C financial institution that was the Canadian division of Banco Comercial Português . In 2008,

882-654: A slogan introduced in 1969. The bank is a founder and major sponsor of the Siminovitch Prize in Theatre , an annual award of $ 100,000 granted to a Canadian director, playwright, or designer. The bank has been a sponsor of the Toronto FC of Major League Soccer since 2007 and of its home stadium named BMO Field at Exhibition Place . In 2010, BMO extended its agreement with the Toronto FC through

945-588: A small group of people into a public company owned by 144. At this time, it became officially known by its current name. Expansion into Upper Canada was halted in 1824, after legislation from the Parliament of Upper Canada forbade bank branches whose head offices were not based in Upper Canada from operating. In 1838, the bank reentered the Upper Canadian market with the purchase of the Bank of

1008-457: A three-storey structure for the Bank of Montreal on Saint Jacques Street in Montreal. The building was modelled after a Georgian townhouse with a small portico of Corinthian columns supporting a classical pediment and remains the bank's legal headquarters. Buildings that formerly housed a branch of the bank have also seen later notable use. A branch in Montreal has been designated as a National Historic Site of Canada in 1990. The building

1071-535: Is CEO of the LSE Group , would have headed the new enlarged company, while TMX Chief Executive Thomas Kloet would become the new firm president. Based on data from December 30, 2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq . Eight of the 15 board members of the combined entity were to be appointed by LSE, 7/15 by TMX. The provisional name for

1134-557: Is a Canadian multinational investment bank and financial services company. The bank was founded in Montreal , Quebec , in 1817 as Montreal Bank, making it Canada's oldest bank. In 2023, the company’s seat in Forbes Global 2000 was 84. Its head office is in Montreal and its operational headquarters and executive offices are located in Toronto , Ontario , since 1977. It is commonly known by its ticker symbol BMO on both

1197-773: Is also the presenting sponsor of the CanSkate Learn-to-Skate Program. In 2005, BMO Bank of Montreal became the title sponsor for the annual May marathon race staged by the Vancouver International Marathon Society. The current name is "BMO Bank of Montreal Vancouver Marathon ". BMO is a member of the Canadian Bankers Association and registered member with the Canada Deposit Insurance Corporation ,

1260-402: Is home to all of Canada's Big Five commercial banks— Canadian Imperial Bank of Commerce (CIBC), Bank of Montreal (BMO), Bank of Nova Scotia (Scotiabank), Royal Bank of Canada (RBC), and the Toronto-Dominion Bank (TD)—making the exchange the centre for banking in the country. This was seen as being most evident during the proposed mergers of Royal Bank with Bank of Montreal, and CIBC with

1323-588: Is the 10th largest exchange in the world and the third largest in North America based on market capitalization . Based in the EY Tower in Toronto's Financial District , the TSX is a wholly owned subsidiary of the TMX Group for the trading of senior equities. The Toronto Stock Exchange likely descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852. No records of

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1386-579: The Canadian Imperial Bank of Commerce ) were the targets of hackers in May 2018, who claimed to have compromised the systems of both banks and stolen information on a combined 90,000 customers (50,000 from BMO). An email sent from a Russian address and attributed to the hackers demanded a ransom of US$ 1 million from each company paid via Ripple by 11:59 pm on 28 May 2018 or the information would be released on "fraud forum [ sic ] and fraud community [ sic ]". In 2018, BMO went into

1449-473: The Chicago area and elsewhere in the country, where it operates BMO Bank, N.A. . BMO Capital Markets is BMO's investment and corporate banking division, while the wealth management division is branded as BMO Nesbitt Burns . On 12 December 2021, the Bank of Montreal announced the strategic acquisition of Bank of the West from BNP Paribas for US$ 16.3 billion. The bank was established on 23 June 1817 when

1512-627: The Exchange Tower . The old TSE building later became the Design Exchange , a museum and education centre. On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic (or virtual trading) environment. In 1999, through a major realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities . The Bourse de Montréal /Montreal Exchange assumed responsibility for

1575-648: The Toronto Stock Exchange and the New York Stock Exchange . In April 2024, it had CA$ 1.37 trillion in total assets. The Bank of Montreal swift code is BOFMCAM2 and the institution number is 001. In Canada, BMO has more than 900 branches and more than 1000 in the United States, serving over 13 million customers globally. In the United States, BMO does business as BMO Financial Group, where it has substantial operations in

1638-508: The Wall Street Crash of 1929 , Toronto's exchange was better connected to New York's and received the bad news before Montreal's (prior to 1931, exchanges communicated via telephone or by brokers' private wires, as they were not yet interconnected by ticker ). By the afternoon, its three most popular stocks were down by at least 8%: International Nickel , Hiram Walker & Sons and Brazilian Light & Power . The following day,

1701-471: The marijuana sector with a $ 175 million deal for a stake in a producer. It was the first investment in the sector by a "Big Five Canadian bank". In January 2018, the bank was accused in a lawsuit along with five other Canadian banks for "conspiring to rig a Canadian rate benchmark to improve profits from derivatives trading". After resigning from the Canadian Liberal cabinet, Scott Brison

1764-518: The 14,000 point level for the first time ever. On December 17, 2008, for the first time in TSX history, the exchange was closed for an entire trading day due to a technical glitch. On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group , Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of $ 5.9 trillion (£3.7 trillion). Xavier Rolet , who

1827-607: The 2016 season. The bank is also a sponsor of the CF Montréal , announcing a five-year agreement to become lead sponsor and jersey sponsor on 14 June 2011. In addition, the bank is a sponsor of Los Angeles FC , with their stadium being named BMO Stadium since 2023. From at least 2007 through 2011, BMO was the sponsor for the Toronto Maple Leafs and the Toronto Raptors . In July 2008, BMO announced

1890-706: The Bank of Montreal four days after the collapse of the Commercial Bank and Union Bank of Newfoundland on 10 December 1894. By 1907, the bank had branches in every province of Atlantic Canada , with the opening of a branch in Charlottetown . Expansion into the Maritimes was further facilitated with the acquisition of the Exchange Bank of Yarmouth in 1903, the People's Bank of Halifax in 1905, and

1953-580: The Bank of Montreal's two units in Chicago paid $ 38 million. In December 2019, the bank cut 2,300 jobs, after a drop in quarterly earnings, effecting around five percent of the workforce. The company had plans to "double indigenous lending" in September 2019. There was controversy and protests in January 2020 after a12-year-old First Nations girl and her grandfather were handcuffed by police at

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2016-503: The Bank of Nova Scotia won the stakes for the company in a deal worth $ 292 million paid in 10 million common shares of the bank. The deal concluded on 11 April 1994. After the purchase, Robert Chisholm replaced John D. Thompson as president. This article about a Canadian corporation or company is a stub . You can help Misplaced Pages by expanding it . Bank of Montreal The Bank of Montreal (French: Banque de Montréal ), abbreviated as BMO (pronounced / ˈ b iː m oʊ / ),

2079-506: The Montreal Trust Company of Canada were placed under a new parent company with a federal incorporation, called the Montreal Trustco Inc. In March 1989, BCE reached an agreement with Power Corporation to purchase Power's 63.8 per cent share of Montreal Trust. Per the arrangement, Power would receive a package of cash and BCE shares worth $ 547 million, and BCE would acquire the minority shareholders stock for $ 23.50 per, brining

2142-538: The People , a bank based in Toronto. BMO was permitted to open its own branches in the area, after Upper Canada and Lower Canada were united to create the Province of Canada in 1841. Shortly after the two colonies merged, the bank opened branches into Cobourg , Belleville , Brockville , and Ottawa . Expansion into the Maritimes and Western Canada was facilitated following Canadian Confederation . In 1877,

2205-692: The People's Bank of New Brunswick in 1906. The early 20th century also saw the bank acquire several financial institutions that helped increase its presence in Newfoundland, and areas west of Quebec, including the Ontario Bank in 1906, the Bank of British North America in 1918, and the Merchants Bank of Canada in 1921. During this period, the bank also acquired the Montreal-based Molson Bank in 1925. In 1942,

2268-420: The Toronto Stock Exchange had 1,811 listed issuers (including ETFs and other structured financial products) with a combined market capitalization of CAD $ 4.16 trillion. Up from 1,798 listed issuers and a combined market capitalization of CAD $ 4.0 trillion as of March 2023. By the end of January 2024, the total market capitalization of companies listed on TSX & TSXV reached CAD $ 4.23 trillion. The exchange

2331-484: The Toronto-Dominion Bank in 1998. Then-Finance Minister Paul Martin blocked the mergers to preserve competition. The exchange is the primary listing for a number of energy companies including; Enbridge , Suncor , TC Energy , Canadian Natural Resources , Imperial Oil , Pembina and Cenovus all within the S&P/TSX 60 index. Many of the large companies listed on the TSX, especially those on

2394-618: The United States, the United Kingdom and Australia under the name TSX Financial.. The exchange has a normal trading session from 09:30am to 04:00pm ET and a post-market session from 4:15pm to 5:00pm ET on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance. 0–9 - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z As of January 2024,

2457-548: The West from BNP Paribas , with the intent of merging it with BMO Harris Bank, which would at least double BMO's total presence in the United States. BMO's acquisition of Bank of the West was completed in February 2023, and the Bank of the West brand is planned to be absorbed into the BMO brand by September 2023. In January 2024, BMO became the first new member of the club of United Kingdom Bond dealers in 10 years, becoming one of

2520-546: The bank assumed control of two retail branches formerly belonging to the Standard Chartered Bank of Canada . In 1994, the Bank of Montreal became the first Canadian bank to be listed on the New York Stock Exchange . In 1995, the bank opened its first branch in Guangzhou , formally receiving a license to operate the branch on 20 November 1996. In doing so the bank became the first Canadian bank to receive

2583-415: The bank ended production of its own bank notes , which were in circulation in Canada since 1871. By 1944, the central bank of the country, the Bank of Canada became the sole issuer of currency in Canada, and notes from private banks were withdrawn. In 1960, the Bank of Montreal moved its operational headquarters to a seventeen-storey structure next to its historic head office. The building served as

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2646-656: The bank opened its first branch in Western Canada, with the opening of a branch in Winnipeg . New branches were also opened in the Maritimes, in Halifax , Moncton , and Saint John completed shortly after Confederation. The Bank of Montreal established branches in Newfoundland Colony on 31 January 1895, at the behest of the colonial government. The colonial government of Newfoundland made the request to

2709-435: The bank's operational headquarters until 1977, when it was moved to First Canadian Place on Bay Street in Toronto in 1977. The structure was named after the bank's slogan at the time, The First Canadian Bank , which was introduced in 1969, and was prominent in much of the bank's advertising during the 1970's, most notably in television commercials featuring Canadian actor Leslie Nielsen . The bank's present "M-Bar" logo

2772-524: The city as the market was just too small. A bull market in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE. The exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878. The TSE grew continuously in size and in shares traded, save for a three-month period in 1914 when the exchange was shut down for fear of financial panic due to World War I . The day of

2835-502: The client groups operates under multiple brand names. In October 2008, Mediacorp Canada Inc. named BMO Financial Group one of Greater Toronto's Top Employers . A number of buildings in which Bank of Montreal presently operates branches have been designated by municipal, provincial, and/or federal levels of government as being of historic importance . These include: A number of late-19th century Bank of Montreal branches were also built by British architect, Andrew Taylor. Taylor designed

2898-491: The combined group would be LTMX Group plc. About two weeks after Maple Group launched a competing bid the LSEG-TMX deal was terminated after failing to receive the minimum 67% voter approval from shareholders of TMX Group. The rejection came amidst new concerns raised by Bank of Canada governor Mark Carney regarding foreign control of clearing systems and opposition to the deal by Ontario's finance minister. On June 13, 2011,

2961-592: The exchange had increased to 24 per cent of Montreal Trust shares. After the share exchange, Montreal Trust absorbed the Investors Trust Company, a wholly-owned subsidiary of Investors Group. The shares of Investors, Imperial, and Montreal Trust later were placed under the ownership of the Trans-Canada Corporation Fund, which Desmarais had acquired in 1965. Trans-Canada, in turn, was held by Gelco. In 1968, Desmarais arranged

3024-561: The group's transactions have survived. It is however known that on October 25, 1861, twenty-four brokers gathered at the Masonic Hall to create and participate in the Toronto Stock Exchange . Between 1852 and 1870, two other distinct, commodity-orientated, exchanges were founded : the Toronto Exchange in 1854 and the Toronto Stock and Mining Exchange in 1868. Initially the TSE had 13 listings but it grew to 18 in 1868 (a majority of bonds and bank's issues). Many banks of Upper Canada failed during 1869, which halted any sort of trading in

3087-674: The incident, BMO launched an Indigenous Advisory Council with Indigenous members from a number of provinces. The CEO of the bank argued against fossil fuel divestment in March 2020, after it "acquired $ 3 billion of energy loans from Deutsche Bank DBKGn.DE in 2018". In 2021, BMO signed the UN Principles for Responsible Banking (PRB) with the goal to reach global net-zero climate targets as well as net-zero financed emissions in their lending by 2050. In July 2022, BMO acquired Calgary-based Radicle Group Inc., an adviser to companies on sustainability and measuring carbon emissions. In December 2021, BMO agreed to acquire San Francisco-based Bank of

3150-448: The liability. In 2014, the bank acquired London-based Foreign & Colonial Investment Trust , later re-branding it as BMO Commercial Property Trust in 2019. In September 2015, BMO agreed to acquire General Electric Co. subsidiary GE Capital's transportation-finance unit. The business acquired has US$ 8.7 billion (CA$ 11.5 billion) of assets, 600 employees and 15 offices in the US and Canada. BMO and Simplii Financial (a subsidiary of

3213-406: The operational headquarters was moved to a 17-storey tower adjacent the historic head office building. In 1977, the bank's operational headquarters or "executive office", was moved to First Canadian Place in Toronto, with the chairman, president, and some senior executives working from First Canadian Place. The structure's was named after a historic slogan of the bank, the First Canadian Bank ,

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3276-424: The primary-dealer banks that buy bonds directly from the government. By buying bonds directly from the government, banks help create a liquid market for government debt, but they also have to hold additional capital as insurance against possible losses. In 2013, the number of primary bond dealers reached 21, by 2024 it had dropped to 16. BMO is divided into three "client groups" which serve different markets. Each of

3339-436: The same year, the Bank of Montreal acquired the Diners Club International 's North American franchise from Citibank . The transaction gave BMO exclusive rights to issue Diners cards in the US and Canada. In October 2010, the bank became the first Canadian bank to incorporate in China, with branches in China operating as BMO ChinaCo. In December 2010, BMO announced the purchase of Milwaukee -based Marshall & Ilsley , and

3402-416: The same year, the bank opened its first branch in Quebec City ; and several offices in Upper Canada , including Amherstburg , Kingston , Perth , and York (present day Toronto ). The bank also opened its first foreign permanent office in 1818, opening an office in Willam Street in New York City . By 1822, the bank converted from the status it had held since its founding as a private company owned by

3465-414: The second quarter of 1993, it lost $ 22.8 million in connection with holdings of Royal Trustco and General Trustco. In the summer of 1993, BCE hired Dominion Securities to seek a buyer for Montreal Trustco. The Canadian Imperial Bank of Commerce, the Bank of Nova Scotia, and a third unidentified party expressed interest in Montreal Trustco, with CIBC rumoured to be the leading contender. However, in December,

3528-489: The shares on the Imperial Life Assurance Company for $ 10 million, and shortly thereafter, increased its stake to 52 percent. Then, in October 1965, Imperial Life acquired around 30 per cent of the shares of Investors Group of Winnipeg. In April 1967, Investors Group acquired around 15 per cent of the shares of Montreal Trust. The shares were acquired from Canadian Pacific Investments in exchange for 483,615 common shares of Investors Group, worth around $ 5.6 million. By March 1968,

3591-474: The total purchase price to $ 875 million. By late April, BCE held more than 99 per cent of Montreal Trust shares. At Montreal Trust's annual meeting in May of that year, BCE installed four directors on the board, while the representatives from Power Corporation stepped down. During the course of BCE's ownership, Montreal Trustco lost huge amounts of money. In 1992, the company lost $ 78.8 million in connection to its loans to Olympia and York and Bramalea . Then, in

3654-430: The trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange (CDNX) handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange , and equities portion of the Montreal Exchange later merged with CDNX. In 2000, the Toronto Stock Exchange became a for-profit company. In 2002 its acronym was rebranded to TSX and it became

3717-443: Was also introduced during this time, in 1967. However, the bank's legal headquarters remains at the historic Montreal head office, with First Canadian Place formally listed as the "executive office" of the bank. In 1984, the bank acquired Chicago-based Harris Bank (through its parent, Harris Bankcorp), later rebranded as BMO Harris Bank . In 1987, the bank acquired stock brokerage Nesbitt, Thomson and Company . Several years later,

3780-455: Was amalgamated into the Toronto Stock Exchange in 1934. While a durable surge in mining trading was recorded in Toronto (either securities ) or other publicly listed assets, in Montreal the volume of the equity -centric market was going down. Toronto found itself a reputation as a financial centre for mining and from 1934, the total trading volume on the TSE surpassed that of Montreal's. The TSE moved on Bay Street in 1913 and in 1937 opened

3843-473: Was completed in 1894, and was designated as a historic site as a good example of Queen Anne Revival architecture . Another former Bank of Montreal branch on Front and Yonge Streets in Toronto has housed the Hockey Hall of Fame since 1993. The 1885 Beaux-Arts styled building designed by the Toronto firm of Darling & Curry . Completed in 1847, the Bank of Montreal Head Office is formally located in Montreal, on Saint Jacques Street . However in 1960,

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3906-464: Was hired by the bank as its vice-chair of investment and corporate banking in February 2019. In February 2019, it became reported that its US retail profits had surged. The bank moved its New York City headquarters in April 2019, to a former Conde Nast building. That month, the bank's Irish subsidiary was fined several million for a license breach. To settle charges by the SEC that it hid conflicts of interest from clients in 2016, in September 2019

3969-508: Was later amalgamated with its Harris Bank operations. When the transaction completed, M&I Bank, along with current Harris Bank branches were rebranded BMO Harris Bank . In 2022, BMO booked US$ 834 million after being found liable for Marshall & Ilsley Bank Ponzi scheme with damages of US$ 550 million. In 2009, businessman Thomas Petters was found guilty of running the scheme using an account at Marshall & Ilsley between 2002 and 2008. When BMO bought Marshall & Ilsley and assumed

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