Key Stats
Founded: June 23, 1817
Headquarters: Montreal, Quebec, Canada (legal); Toronto, Ontario (operational)
Total Assets: CAD $1.41 trillion (FY 2024)
Employees: 53,597 (2024)
Customers: 13 million globally
Bank of Montreal (BMO) is Canada’s oldest incorporated bank and the fourth-largest bank in the country by assets. Founded in 1817 as Montreal Bank, the institution served as Canada’s de facto central bank until the Bank of Canada was established in 1935.
Today, BMO Financial Group operates across North America through three main business segments: Personal and Commercial Banking, BMO Wealth Management, and BMO Capital Markets. The company maintains over 900 branches in Canada and more than 1,000 in the United States through BMO Bank N.A., formerly BMO Harris Bank.
BMO trades on both the Toronto Stock Exchange (BMO) and the New York Stock Exchange (BMO). The bank’s institution number is 001, reflecting its status as Canada’s first bank.
Bank of Montreal History
Nine Montreal merchants signed the Articles of Association to establish Montreal Bank. Operations began November 3, 1817, on Rue Saint-Paul.
Montreal Bank became a public company with 144 shareholders and officially adopted the name Bank of Montreal.
BMO opened its first international branch in London, England, becoming the first Canadian bank to establish an overseas presence.
Acquired Chicago-based Harris Bank, becoming the first Canadian bank to own a U.S. banking subsidiary.
BMO became the first Canadian bank listed on the New York Stock Exchange. Also formed BMO Nesbitt Burns through merger.
Acquired Marshall & Ilsley Corporation, expanding U.S. presence in Wisconsin and neighboring states.
Completed US$16.3 billion acquisition of Bank of the West from BNP Paribas, doubling BMO’s U.S. presence.
Bank of Montreal Co-founders
Nine Montreal merchants signed the Articles of Association on June 23, 1817, establishing what would become Canada’s first bank.
Scottish fur trader and politician who served as the driving force behind the bank’s establishment. He later became the first president of the Montreal Board of Trade.
Prominent Montreal merchant involved in the fur trade and import businesses. He later served as a member of the Legislative Council of the Province of Canada.
The token Francophone among the founders, Cuvillier was a successful merchant and later became the first Speaker of the Legislative Assembly of the Province of Canada.
Merchant involved in shipping and importing. He contributed to establishing the bank’s early commercial banking focus.
Montreal-based merchant active in the commercial trade sector during the early 19th century.
George Garden, James Leslie, John C. Bush, and Thomas A. Turner completed the group of nine founding merchants.
Bank of Montreal Revenue
BMO Financial Group generated CAD $29.03 billion in revenue for fiscal year 2024, a 7.21% increase from the previous year. The company’s diversified revenue streams come from personal and commercial banking, wealth management, and capital markets operations across North America.
The 2023 acquisition of Bank of the West significantly boosted the bank’s revenue base, particularly in U.S. operations.
Bank of Montreal Competitors
BMO competes primarily with the other members of Canada’s Big Five banks: Royal Bank of Canada, Toronto-Dominion Bank, Scotiabank, and CIBC. In the U.S. market, BMO faces competition from regional and national banks including JPMorgan Chase, Wells Fargo, and U.S. Bancorp.
| Competitor | Country | Market Cap (CAD) | Primary Focus |
|---|---|---|---|
| Royal Bank of Canada (RBC) | Canada | $245 billion | Personal banking, wealth management |
| Toronto-Dominion Bank (TD) | Canada | $170 billion | Retail banking, U.S. operations |
| Bank of Nova Scotia (Scotiabank) | Canada | $100 billion | International operations, Latin America |
| Canadian Imperial Bank of Commerce (CIBC) | Canada | $80 billion | Personal and commercial banking |
| National Bank of Canada | Canada | $50 billion | Quebec-focused, regional banking |
| JPMorgan Chase | United States | $850 billion | Investment banking, consumer banking |
| Wells Fargo | United States | $280 billion | Consumer banking, mortgages |
| U.S. Bancorp | United States | $90 billion | Regional banking, payment services |
| PNC Financial Services | United States | $95 billion | Regional banking, asset management |
| Truist Financial | United States | $70 billion | Regional banking, insurance |
Bank of Montreal Acquisitions
BMO has built its North American presence through strategic acquisitions spanning more than a century. The bank’s approach has focused on expanding geographic reach, adding complementary services, and consolidating market share in key regions.
The 1984 acquisition of Chicago-based Harris Bank marked BMO’s entry into the U.S. market. This deal made the Bank of Montreal the first Canadian bank to own an American banking subsidiary. Throughout the 1990s and 2000s, BMO continued acquiring regional banks in the Midwest to strengthen its U.S. footprint.
In 1987, BMO became the first Canadian chartered bank to acquire an investment firm when it purchased Nesbitt Thomson. The firm later merged with Burns Fry in 1994 to form BMO Nesbitt Burns, establishing the bank’s wealth management and investment banking operations.
The 2011 acquisition of Marshall & Ilsley Corporation for approximately US$4 billion added 300 branches across Wisconsin, Minnesota, Indiana, and other Midwest states. This deal significantly expanded BMO’s retail banking network in the United States.
BMO’s largest acquisition came in 2023 when it completed the US$16.3 billion purchase of Bank of the West from BNP Paribas. The transaction added over 500 branches across California, Arizona, Colorado, and other Western states. This deal more than doubled BMO’s U.S. presence and made it a coast-to-coast operator in the American market.
Recent smaller acquisitions include Radicle Group Inc. in 2022, a Calgary-based environmental services company, and Burgundy Asset Management in 2025 for CAD $625 million, expanding BMO’s wealth management capabilities.
Bank of Montreal Marketcap
BMO Financial Group trades on the Toronto Stock Exchange and New York Stock Exchange with a market capitalization of approximately CAD $125 billion as of late 2025. The bank’s valuation has grown steadily over the past decade, reflecting increased earnings and successful expansion into the U.S. market.
FAQs
When was Bank of Montreal founded?
Bank of Montreal was founded on June 23, 1817, when nine Montreal merchants signed the Articles of Association. The bank opened for business on November 3, 1817, making it Canada’s oldest bank.
Is BMO the same as Bank of Montreal?
Yes, BMO is the common abbreviation for Bank of Montreal. The company operates as BMO Financial Group and uses BMO as its brand name across Canada and the United States.
How many branches does BMO have?
BMO operates more than 900 branches in Canada and over 1,000 branches in the United States. The bank serves approximately 13 million customers across North America.
Is Bank of Montreal one of Canada’s Big Five banks?
Yes, BMO is one of Canada’s Big Five banks alongside RBC, TD Bank, Scotiabank, and CIBC. It ranks as the fourth-largest Canadian bank by assets.
Where is Bank of Montreal headquarters located?
BMO’s legal head office is in Montreal, Quebec, while its operational headquarters and executive offices are in Toronto, Ontario. The bank moved its operational center to Toronto in 1977.
