Bank Of Montreal Stock Price, News & Analysis

BMO Financial Group (TSX: BMO) has been appointed Chair of the Cross-Sector Biodiversity Initiative (CSBI), a collaborative effort to share best practices regarding biodiversity in extractive industries. Chief Sustainability Officer Michael Torrance emphasized the importance of integrating biodiversity into environmental sustainability efforts. The CSBI will focus on developing guidelines on biodiversity management, including impact assessments. BMO has made strides in sustainability, achieving carbon neutrality and committing $300 billion to sustainable lending by 2025.

Bank of Montreal (TSX: BMO) has announced its intention to redeem all $1,250,000,000 in 3.32% Series I Medium-Term Notes First Tranche, set to mature on June 1, 2026. The redemption date is scheduled for June 1, 2021, and these notes will be redeemed at par, along with accrued interest. This action has received approval from the Office of the Superintendent of Financial Institutions. BMO reported total assets of $973 billion as of January 31, 2021, and continues to serve over 12 million customers in North America.

BMO Financial Group (TSX: BMO) has announced a definitive agreement to sell its EMEA asset management business to Ameriprise Financial for £615 million (approximately CAD 1,089 million) in an all-cash transaction. This move aligns with BMO's strategy to enhance efficiency and focus on its North American Wealth Management business. The transaction is projected to improve BMO's efficiency ratio, return on equity (ROE), and common equity Tier 1 (CET1) ratios by 64 bps, 20 bps, and 29 bps, respectively. A goodwill write-down of approximately $745 million after-tax will also be recorded in Q2 2021.

On April 7, 2021, Bank of Montreal (BMO) announced the election of Madhu Ranganathan and Stephen Dent to its Board of Directors during the Annual Meeting of Shareholders. Ranganathan, a technology finance expert with over 30 years of experience, previously served as CFO at OpenText and [24]7.ai. Dent, co-founder of Birch Hill Equity Partners, brings extensive private equity experience. The election of all director nominees was confirmed, reflecting strong shareholder support, with Ranganathan and Dent receiving over 99% approval votes.

Bank of Montreal (BMO) announced a 1-for-10 reverse split of two series of its exchange traded notes (ETNs), effective March 29, 2021. The ETNs affected are the MicroSectors™ U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) and the MicroSectors™ U.S. Big Oil Index -3X Inverse Leveraged ETNs (NRGD). Holders will receive one reverse split-adjusted ETN for every ten pre-split ETNs. Any fractional ETN will be compensated in cash based on the closing value determined on April 5, 2021, with payments made around April 8, 2021.

BMO has announced its ambition to be a lead partner in the transition to a net zero world, emphasizing the importance of reducing greenhouse gas emissions.

The bank plans to launch the BMO Climate Institute to provide climate analytics and insights, while committing to mobilize $300 billion in sustainable finance and $700 billion via responsible advisory services by 2025.

Additionally, BMO aims to reduce operational greenhouse gas emissions by 30% by 2030 and target net zero financed emissions by 2050.

BMO Financial Group (TSX: BMO) announced the filing of its 2021 Notice of Annual Meeting of Shareholders and Management Proxy Circular on March 8, 2021. The virtual meeting is scheduled for April 7, 2021, at 9:30 a.m. EDT. Key items for shareholder votes include the election of directors, auditor appointment, and an advisory vote on executive compensation. The Management Proxy Circular is accessible online, and shareholders are encouraged to vote by proxy early. BMO, North America's 8th largest bank by assets, had total assets of $973 billion as of January 31, 2021.