Bank Of Montreal - BMO STOCK NEWS

BMO Financial Group announced the appointment of Nadim Hirji as Group Head of BMO Commercial Banking, effective March 1, 2023. Reporting to CEO Darryl White, Hirji will join the bank's Executive Committee. Since joining BMO in 2003, he has held various roles across Commercial Banking and Enterprise Risk and Portfolio Management. Additionally, David Casper remains U.S. CEO and Executive Committee member. BMO is the 8th largest bank by assets in North America, with total assets of $1.14 trillion as of October 31, 2022, serving 12 million customers.

On February 14, 2023, REX Shares announced the launch of two new MicroSectors Exchange Traded Notes (ETNs) issued by Bank of Montreal (BMO). The ETNs, MicroSectors Energy 3x Leveraged (WTIU) and MicroSectors Energy -3x Inverse Leveraged (WTID), will begin trading on NYSE Arca on February 15, 2023. These ETNs are linked to the Solactive MicroSectors Energy Index, which tracks 12 major U.S. energy stocks including Chevron, Exxon Mobil, and Occidental Petroleum. REX aims to meet growing demand for specialized trading tools in energy and oil sectors.

BMO (NYSE: BMO) has announced a $250,000 donation to the San Francisco General Hospital Foundation as the Premier Sponsor of the 150th anniversary of Zuckerberg San Francisco General Hospital. This funding aims to enhance patient care and innovation at the hospital, which serves as a vital resource for the community's vulnerable populations. BMO's commitment to equitable healthcare aligns with its purpose to promote community well-being. The donation follows previous philanthropic efforts, including a $10 million contribution to create the Rush BMO Institute for Health Equity. BMO's engagement reflects its ongoing dedication to support public health initiatives.

BMO has announced a minimum hourly wage increase to $20 for all qualified U.S. employees, effective March 12, 2023. This marks the bank's fourth wage increase in 16 months and reflects its commitment to employee financial well-being. The increase applies to new hires and existing employees earning below this wage, including those from the recently acquired Bank of the West. BMO emphasizes competitive compensation to retain talent while offering comprehensive benefits and programs supporting employees' financial progress.

BMO Financial Group has successfully completed the acquisition of Bank of the West from BNP Paribas, significantly enhancing its operational footprint in the U.S. The acquisition adds approximately 1.8 million customers and over 500 branches, reinforcing BMO's position as the 8th largest bank in North America. With a total asset base of C$1.14 trillion, BMO is poised to expand its presence in key U.S. markets, including 32 states. Customers will continue receiving services through existing BMO and Bank of the West channels until system conversions in September 2023, at which point they will transition to the combined bank's services.

BMO has become a Founding Partner of Angel City Football Club (ACFC) and secured naming rights to the home stadium, now called BMO Stadium. This partnership aims to promote equity in sports and support local initiatives, with BMO reallocating 10% of sponsorship value to the Girls Play Los Angeles program. The bank has committed over C$25 million to youth soccer since 2005, impacting 150,000 athletes. The collaboration includes leadership development for girls in Los Angeles and aims to enhance gender equity in the sport, aligning with BMO's mission as 'The Bank of Soccer'.

BMO has entered into a multi-year partnership with the Los Angeles Football Club (LAFC), renaming the LAFC home ground to BMO Stadium. This partnership aligns with BMO's strategy to expand soccer across North America and enhances its U.S. presence through over 500 branches and digital services. BMO aims to engage with fans and strengthen community ties while supporting youth soccer development, having invested C$25 million in the sport since 2005. LAFC, the 2022 MLS Cup Champions, will benefit from BMO's resources, aiming to create a world-class soccer experience.

BMO has been recognized as North America's most sustainable bank for the fourth consecutive year in Corporate Knights' 2023 Ranking of the World's 100 Most Sustainable Corporations. The bank ranks eighth globally among 793 banks, excelling in sustainable revenue and diversity within its executive and board leadership. BMO has committed $5 billion over five years to support minority businesses and $5 billion to women business owners in Canada. The bank aims to mobilize $300 billion in sustainable lending by 2025. BMO also leads in sustainability rankings by the World Benchmarking Alliance, Dow Jones Sustainability Index, and Ethisphere Institute.

BMO has introduced fully digital residential mortgage refinancing for U.S. customers in eligible regions, eliminating the need for in-person meetings. This initiative, part of BMO's Digital First strategy, enhances convenience and speed for customers. Through a partnership with Blend and the use of innovative technology, BMO has become the first bank to successfully transfer and pledge an electronic promissory note to FHLBank Chicago’s DocMagic eVault. Digital application usage has surged from 25% to 75% since the pandemic, indicating strong customer adoption of this new system, which aims to streamline the refinancing process.