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The extra $108 million of nonperforming assets is not a problem, BMO's chief Bill Downe says in an interview in discussing the Canadian company's integration of its recent U.S. acquisition.
December 6 -
The No. 1 brand in American Banker's 2011 survey of bank reputation has thrown down the gauntlet, not just to the 29 other banks it will face off against on next year's list, but to itself.
May 22
Bank of Montreal's integration of Marshall & Ilsley Corp. is going better than expected, its chief executive said Tuesday.
The cost savings from the
Bank of Montreal has realized $100 million of the more than $300 million in annual savings it now expects to realize from merging M&I of Milwaukee with Harris Bank, the Chicago bank it has owned since 1984. It initially forecast $250 million in annual savings, with about $60 million of that expected to have been realized by this point in the integration, Downe said.
Its 688-branch U.S. arm — now called BMO Harris N.A. — is on track to deliver an eventual $1 billion in annual profits, he said.
"Our progress to date gives me confidence that this goal is within our reach," Downe said.
Systems integrations should be largely done by yearend. The Midwest economy is growing, a trend BMO Harris should be positioned to benefit from with its strong position in Wisconsin and legacy strength in and around Chicago, he said.
"We now have as many branches in Milwaukee as in Vancouver," Harris said. "BMO is not simply a Canadian bank with significant U.S. holdings. We're a North American bank headquartered in Canada."
