Changes to the BANK ACT in the 1990s allowed banks to expand their business beyond traditional banking services into securities, insurance and other financial products. The Bank of Montreal was aggressive in this arena, purchasing 2 large securities firms, Nesbitt Thomson and Burns Fry, and merging them into Nesbitt Burns, Canada's largest securities firm. It has also entered the banking market in the US, purchasing 2 Chicago-area banks. In 1995, relaxed foreign ownership rules led the Bank of Montreal to become the first Canadian bank to obtain a listing on the New York Stock Exchange.
The bank has moved into electronic banking, with the establishment of a virtual subsidiary, Mbanx, that provides retail banking services to consumers electronically, by phone and over the Internet.
Today, the bank has over 1300 branches in Canada and overseas, and it offers corporate, government, merchant and personal banking services with a variety of commercial and international services. Canada's second largest financial institution, the bank reported $367 billion in total assets in 2007.
Author DEBORAH C. SAWYER
Links to Other Sites
Canadian Bankers Association
The website for Canadian Bankers Association. Features a list of domestic and international banks operating in Canada, timeline of the banking industry, useful consumer information, a glossary, and related resources. CBA is the main representative body for banks in Canada and is the country’s oldest industry association.
BMO Financial Group
The BMO Financial Group website provides up to date information about their personal, commercial, corporate and institutional financial services in Canada and the US.
The online home of TMX Group, which owns and operates the Toronto Stock Exchange and the TSX Venture Exchange. For real-time and historical market data, sector profiles, and financial information about listed companies, click on listed company directory on left side of page or enter stock symbol in the search box.
The lastest news on Canadian equity markets, personal investment plans, and more. From thestar.com.
Bank of Canada
The official website for the Bank of Canada. A great information source about monetary policy, the role of the Bank, the history of money, security features in Canadian bank notes, and much more. Check out the fact sheets, online glossary, and educational resources.
System for Electronic Document Analysis and Retrieval
Search the SEDAR online database for disclosure documents of Canadian public companies and mutual funds. From the Canadian Securities Administrators.
Office of the Superintendent of Financial Institutions
The website for OSFI, the primary regulator of banks and other federally incorporated financial institutions in Canada. Check out "About OSFI" for background information about this independent agency of the Government of Canada.