BMO Decreases US$ Prime Lending Rate to 8.00 Percent

Rhea-AI Summary

BMO has announced a reduction in its US$ prime lending rate from 8.50 percent to 8.00 percent. This 0.50 percentage point decrease will take effect on September 19, 2024. The prime lending rate is a important benchmark used by banks to set interest rates for various financial products, including loans and credit lines. This change could potentially impact borrowing costs for BMO's customers and the bank's overall lending business.

Positive

• Reduction in prime lending rate may stimulate borrowing and economic activity
• Lower rates could potentially increase loan demand and volume

Negative

• Decrease in prime rate may lead to reduced interest income for BMO
• Potential pressure on net interest margins

CHICAGO, Sept. 18, 2024 /PRNewswire/ - BMO today announced that it is decreasing its US$ prime lending rate from 8.50 percent to 8.00 percent, effective September 19, 2024.

About BMO Financial Group 

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society. 

View original content:https://www.prnewswire.com/news-releases/bmo-decreases-us-prime-lending-rate-to-8-00-percent-302252330.html

SOURCE BMO Financial Group

FAQ

What is BMO's new US$ prime lending rate as of September 19, 2024?

BMO's new US$ prime lending rate will be 8.00 percent, effective September 19, 2024.

How much did BMO decrease its US$ prime lending rate?

BMO decreased its US$ prime lending rate by 0.50 percentage points, from 8.50 percent to 8.00 percent.

When will BMO's new US$ prime lending rate take effect?

BMO's new US$ prime lending rate of 8.00 percent will take effect on September 19, 2024.

What was BMO's previous US$ prime lending rate before the decrease?

BMO's previous US$ prime lending rate was 8.50 percent before the announced decrease.