BMO Financial Group is well positioned for growth, chairman and CEO Tony Comper said today in a speech to analysts.

Comper, speaking at the Scotia Capital Financials Summit 2002, told the conference that BMO Financial Group continues its strategy of strengthening its core Canadian franchise and building on its selective and substantial expansion in the U.S., to become a leading transnational bank.

In his speech, Comper highlighted BMO’s positive momentum in its core retail and business banking operations on both sides of the border, the bank’s leadership position in credit risk management and dividend yield, and its expense management. He also and affirmed BMO’s EPS and ROE targets for 2002.

“We are determined to grow market share in personal and commercial banking faster than our competitors. That’s why we introduced 1,000 new salespeople into our Canadian branch system, beefing up our in-branch investment and retirement planning capability and increasing overall sales capacity. And we are now reaping real, sustainable benefits from this major investment,” he said.

BMO’s Private Client Group has been the focus of acquisition activities over the past three years, leading to the creation of a whole new wealth management distribution network in key markets across the U.S. It has also placed a strong emphasis on providing seamless access to the full suite of wealth management products and services through BMO’s extensive branch system in Canada, and through the expanding Harris retail branch system in the Chicago area and beyond.

Comper reiterated the bank’s commitment to the investment banking business, long-rumoured as a possible divestiture target. He calls it “a critical component of our business mix in both Canada and the U.S.,” and says it remains focused on improving profitability and reducing earnings volatility.

In terms of U.S. expansion, BMO will add about 50 branches to the 145-branch Harris Bank network over the next five years. The bank has already identified the 50 sub-markets where it intends to expand through acquisitions, where possible, or by opening new branches.

Private Client Group acquisitions will focus on select properties that complement the “serious investor” client profile already established by the group. In addition, the organization is looking for a U.S.-based equity research and sales boutique to enhance North American corporate and investment banking capabilities.