Bank of Montreal will continue to focus on U.S. expansion in its drive to become one of the leading full-service trans- national banks in North America, declared Tony Comper, chairman and CEO.

Speaking to the Vancouver Board of Trade today, Comper said that when the consolidation of the financial services industry in the U.S. and Canada is complete, the result will be a pan-North American marketplace. It will be dominated by three to five mega-banks, such as Citigroup and Bank of America, headquartered in North America, but operating on a global scale. Approximately a dozen full-service trans-national banks, including Bank of Montreal, will complement the market.

“Our strategy for getting there, in all its simplicity, is to expand the bank’s already considerable operations even more widely and deeply across the United States, while continuing to invest in our core Canadian franchise and building on our long-standing strengths,” said Comper.

He said that, despite the recent economic downturn, he had faith in the resiliency of both the Canadian and U.S. economies.

“At Bank of Montreal, we are looking beyond the near-term and the impact of this particular down-cycle in the perpetually swinging economic pendulum.”

Comper added that success in the U.S. would contribute to the overall and ongoing success of a “born-and-bred Canadian bank”, one that would reward millions of Canadian shareholders. He said that, as industry convergence proceeds, the bank was doing its part to ensure that jobs, prosperity and head offices stay in Canada.

Along with U.S. expansion, Bank of Montreal’s growth strategy also includes continued investment in the bank’s core Canadian franchise to better serve its personal, small and mid-sized business and corporate customers across Canada.