Bank of Montreal today announced that its provision for credit losses for the second quarter of 2002 is expected to be in the range of $300 to $325 million.

The bank expects its provision for credit losses to be $775 to $825 million for the year.

The bank says these adjustments are directly attributable to BCE’s announcement that it would cease to provide long-term support to Teleglobe Inc.

With the increase in provisions for credit losses outlined above, the bank’s credit exposure to Teleglobe has been provided for.

The bank says its cash EPS guidance of 8% to 12% per cent growth for the year remains unchanged.