TORONTO -- Bank of Montreal said it will seek to list its shares on the New York Stock Exchange.
The company said the move was a logical step in its U.S. expansion plans.
"As we move toward out goal of earning 50% of our net income in the United States, it makes sense to broaden our base of U.S. shareholders," chief executive Matthew Barrett said.
The move was expected. The bank said it would apply to the NYSE this summer, and trading could begin as early as September.
The bank, which owns Harris Bankcorp in Chicago, said about 6% of its stock is held by U.S. investors.
The bank said it expects to be the first Canadian bank to be listed on the NYSE. Bank of Montreal has total assets of $88 billion.
Its U.S.-based assets of $25 billion make it one of the top 30 U.S. banks, it said.
Harris recently announced plans to acquire Surburban Bancorp. The move will boost Harrish share of the Chicago deposit market to 5.6% by early 1995 from about 3.7%.
Bank of Montreal is listed in Toronto, on other Canadian exchanges, and on the London exchange.
