(February 29) – In announcing its better-than-expected first-quarter earnings this morning, Bank of Montreal chairman and CEO Tony Comper also put some specifics to its strategy.
“Above all, Bank of Montreal wants to be the first Canadian bank to truly get it right with customers,” said Comper. “We understand that no matter how clear our vision, how sound our strategy or well-laid our plans, unless you’ve got execution you haven’t got a success story.”
Comper reiterated BMO’s six-point strategy, including building Chicago-based Harris Bank, growing the wealth management business, building personal and commercial banking, building the Canadian investment banking business and selectively growing it in the U.S., capitalizing on e-business, and focusing on cost, capital and risk management. It aims to grow ROE to 20% by 2002, with 10% annual earnings growth.
On the wealth management side, Comper says, “Our goals are to capitalize on Nesbitt Burns’ leading investment advisory services in Canada and Harris Bank’s private banking expertise in the U.S. as well as to expand our sales force, use of channels and electronic client access for investment services.”
The bank plans to add 250 investment fund specialists in branches this year with similar increases over the next two years, and it will also add 100 Nesbitt investment advisors this year with similar increases over the next four years. It will offer online access to its full-service brokerage, boost client access to electronic channels, expand the electronic discount brokerage in the U.S., import Harris Bank’s private banking model into Canada, expand in the U.S. Sunbelt (Arizona and Florida), and begin selling third-party mutual funds.
– IE Staff