By James Langton

(January 24 – 3:30 ET) – Bank of Montreal chief executive Tony Comper took the stage this morning at the Merril Lynch Canada, Year 2001 Canadian Banks’ CEO conference and proceeded to answer the bank’s detractors.

Comper addressed the major questions surrounding BMO — including the future of its investment banking arm, BMO Nesbitt Burns, and the future of its Chicago-based Harris Bank subsidiary. Analysts have suggested that BMO is shopping Nesbitt around, and they complain that it has failed to do much of anything with Harris.

Whether the has shopped Nesbitt or not, Comper claims that BMO has no interest in selling it at present. In fact, Reuters Securities is reporting that BMO has been looking at a possible bid for ING Barings’ U.S. operations, although ABN Amro is seen as the current front runner for that acquisition.

Comper said the bank prefers to focus on retail banking, wealth management and e-banking initiatives. With Nesbitt, it hopes to maintain leadership through selective growth, while redeploying capital to higher return areas. BMO is looking to build its fee-based businesses, growing in U. S. mid-market business, targeting the agribusiness, energy, media and communications sectors.

As for Harris, Comper said that BMO is intent on taking it from the number three ranking in the Chicago area to number two, and eventually number one. The bank is building a wealth management offering in the U.S., and Comper confirmed that BMO will remain focused on North America for now.

As for the Canadian private client side, Comper reiterated the bank’s strategy of pushing its brand identity, offering high quality advice, excellent products and maximum choice for clients.