History
The Bank of Montreal was founded in 1817 as the first bank in Canada. The Bank of Montreal established branches in Newfoundland on Jan 31, 1895 following the collapse of the Newfoundland Commercial Bank and Union Bank of Newfoundland on Dec 10, 1894.
In 1925, it merged with the Molson Bank. BMO's operational head office moved to First Canadian Place on Bay Street in Toronto in 1977, while its legal headquarters remained in Montreal.
Like the other Canadian chartered banks, it issued its own paper money. BMO issued notes from 1817–1942. The end dates are the final dates appearing on notes, which may have circulated for some time after. The Bank of Canada was established through the Bank of Canada Act of 1934 and the banks relinquished their right to issue their own currency.
It increased its ownership of the investment firm Nesbitt Thomson, up to 60% 1980
Today, the Bank of Montreal commonly goes by the acronym BMO (pronounced /ˈbiːmoʊ/). It is a major international bank with a large number of connections across Canada and around the world.
Read more about this topic: Bank Of Montreal
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