With a total $2.8 billion net income in 2010, the highest in the history of the bank, BMO announced its plans Tuesday to expand into every region of Canada as well as the Central U.S. Addressing shareholders at BMO’s annual meeting, Bill Downe, President and CEO of BMO, stated that the company will have tremendous opportunities in the year to come.
"We’re pursuing market share growth in every region of Canada," said Downe. “Over the past year, Canadian Personal and Commercial Banking has shown exceptionally strong performance. With 2010 revenues up 10 per cent and record net income for the year, P&C Canada is a market leader and a pacesetter for our entire enterprise. With BMO's P&C Canada business now so well positioned, expanding our home market to include the central U.S. is a natural next step."
An expectation of a major profit jump comes from the acquisition of US based Marshall & Illsley Corporation. "In the medium term, our aspiration is that our U.S. personal & commercial and wealth businesses will generate a billion dollars in earnings annually,” said Downe.
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The expanding network for BMO will make the bank a viable competitor in the financial industry. "We will grow personal and commercial banking through a network that will comprise some 900 BMO branches in Canada and 700 in the U.S. – an enviable footprint that will have a combined North American deposit base of over $160 billion,” continued Downe.
BMO, a bank that delivers a broad range of retail, wealth management, and investment banking services, was established in 1817 as the Bank of Montreal. BMO Financial group currently employs 38,000 and has a total asset amount of $413 billion.
"We’re pursuing market share growth in every region of Canada," said Downe. “Over the past year, Canadian Personal and Commercial Banking has shown exceptionally strong performance. With 2010 revenues up 10 per cent and record net income for the year, P&C Canada is a market leader and a pacesetter for our entire enterprise. With BMO's P&C Canada business now so well positioned, expanding our home market to include the central U.S. is a natural next step."
An expectation of a major profit jump comes from the acquisition of US based Marshall & Illsley Corporation. "In the medium term, our aspiration is that our U.S. personal & commercial and wealth businesses will generate a billion dollars in earnings annually,” said Downe.
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The expanding network for BMO will make the bank a viable competitor in the financial industry. "We will grow personal and commercial banking through a network that will comprise some 900 BMO branches in Canada and 700 in the U.S. – an enviable footprint that will have a combined North American deposit base of over $160 billion,” continued Downe.
BMO, a bank that delivers a broad range of retail, wealth management, and investment banking services, was established in 1817 as the Bank of Montreal. BMO Financial group currently employs 38,000 and has a total asset amount of $413 billion.
