Bank of Montreal Guide, Meaning , Facts, Information and Description
The Bank of Montreal is Canada's oldest chartered bank. It opened in Montreal, Quebec on November 2, 1817. It served as Canada's central bank until the creation of the Bank of Canada in 1935. It played a major role in the development of the country, taking part in the financing of the first transcontinental railway in the 1880s. The first Canadian bank to open a branch abroad, the Bank of Montreal is today a major international bank with 1,100 branches across Canada and around the world.Through its history, it has merged with several other Canadian banks: Commercial Bank of Canada (1868), Exchange Bank of Yarmouth (1903), People’s Bank of Halifax (1905), People’s Bank of New Brunswick (1907), Bank of British North America (1918), Merchants Bank of Canada (1922), and the Molson Bank (1925).
The bank's stock is listed on both the Toronto and New York stock exchangess under the symbol BMO.
In 1984 the bank greatly expanded its operations in the United States by purchasing Chicago's Harris Bankcorp.
In 1998 the Bank of Montreal shocked the Canadian financial community by announcing plans to merge with the Royal Bank of Canada. The plans were later blocked by the Canadian government.