BMO Financial Group Increases US$ Prime Lending Rate to 6.25 Percent

Rhea-AI Summary

BMO Financial Group announced an increase in its US prime lending rate from 5.50% to 6.25%, effective September 22, 2022. This adjustment reflects ongoing trends in interest rates and aims to align with market conditions.

BMO is a leading financial services provider in North America, ranking as the 8th largest bank by assets, totaling $1.07 trillion as of July 31, 2022.

Positive

• BMO is the 8th largest bank in North America by assets, enhancing its market position.
• Total assets of $1.07 trillion indicate strong financial stability.

Negative

• The increase in the prime lending rate may deter borrowing, potentially impacting loan demand.

CHICAGO, Sept. 21, 2022 /PRNewswire/ - BMO Financial Group announced today that it is increasing its US$ prime lending rate from 5.50 percent to 6.25 percent, effective September 22, 2022.

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.07 trillion as of July 31, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

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SOURCE BMO Financial Group

FAQ

What is BMO Financial Group's new prime lending rate?

BMO Financial Group's new prime lending rate is 6.25%, effective September 22, 2022.

When did BMO Financial Group announce the prime lending rate increase?

BMO Financial Group announced the prime lending rate increase on September 21, 2022.

What is the previous prime lending rate for BMO Financial Group?

The previous prime lending rate for BMO Financial Group was 5.50%.

How large is BMO Financial Group in terms of total assets?

BMO Financial Group has total assets of $1.07 trillion as of July 31, 2022.

What ranking does BMO Financial Group hold among North American banks?

BMO Financial Group is ranked as the 8th largest bank in North America by assets.