SEATTLE - Bank of Montreal will continue to expand in the United States by opening new branches rather than making acquisitions, according to chairman and chief executive Matthew W. Barrett.

"We have a good presence through Harris (Bankcorp), $30 billion in U.S. assets, and are building critical mass in the Chicago area," Mr. Barrett said in an interview at the International Monetary Conference, a three-day gathering here of the world's 200 top financial leaders.

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