Bank of Montreal Moving to Expand U.S. Operations

By Kraus, James R. | American Banker, October 5, 1993 | Go to article overview

Bank of Montreal Moving to Expand U.S. Operations


Kraus, James R., American Banker


Aiming to substantially increase its base of operations in the United States, Bank of Montreal, has begun expanding its U.S. activities and rationalizing operations with Harris Bankcorp, its main U.S. unit.

As part of the plan, Alan G. McNally, former vice chairman at Bank of Montreal, was recently named chief executive officer at Harris.

"The plan calls for Harris to triple its distribution network and market share and triple its earnings," Mr. McNally said.

The bank also said Harris' services will be expanded in Chicago and throughout Illinois and neighboring states and indicated it plans to invest between $600 million and $700 million to increase the number of its branches there.

Acquisitions Planned

Mr. McNally said Harris' expansion would be accomplished by the acquisition of banks and savings and loans, the establishment of full-service or special-purpose branches, and electronic banking facilities.

Bank of Montreal and Harris currently have $34 billion of combined assets and employ 6,000 people in the United States.

In a first step toward implementing the plan, the bank announced last month that it was combining management of its treasury operations with that of Harris Bankcorp.

"The team approach we are announcing today for our treasury operations will be used through Harris and Bank of Montreal as the North American strategy unfolds," said Donald Hunt, president and chief operating officer at Harris.

Said Yvan Bourdeau, treasurer at Bank of Montreal: "By having both Harris and Bank of Montreal staff report to the same people, we'll be better able to take advantage of the strengths in both groups."

The two groups, however, will continue to operate autonomously, said Mr. Bourdeau.

As part of the changes in the bank's foreign exchange group, Jamie Thorsen and Bob Goetter, both senior vice presidents with Harris, have taken on the added title of managing director at Bank of Montreal.

Tapping Experience

Ms. Thorsen is responsible for Harris and Bank of Montreal foreign exchange sales throughout North America.

Mr. Goetter is responsible for foreign exchange trading in the United States by both entities.

Ms. Thorsen joined Harris in 1977, and was most recently in charge of Harris' foreign currency, trading operations and provided foreign exchange counseling services to multinational corporate customers and other companies transacting business overseas. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Bank of Montreal Moving to Expand U.S. Operations
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.