BMO Financial Group Increases US$ Prime Lending Rate to 7.00 Percent
BMO Financial Group has announced an increase in its US$ prime lending rate from 6.25% to 7.00%, effective November 3, 2022. This adjustment reflects changes in market conditions and is part of BMO's strategy as one of North America's largest banks with total assets of $1.07 trillion as of July 31, 2022. BMO serves over 12 million customers through its diverse banking and financial services.
- BMO's prime lending rate increase may lead to higher interest income.
- With total assets of $1.07 trillion, BMO retains a strong financial position.
- The increase in the prime lending rate may lead to higher borrowing costs for customers, potentially reducing loan demand.
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CHICAGO, Nov. 2, 2022 /PRNewswire/ - BMO Financial Group today announced that it is increasing its US$ prime lending rate from 6.25 percent to 7.00 percent, effective November 3, 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
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SOURCE BMO Financial Group
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