If you’re wondering how a major bank like BMO (Bank of Montreal) shaped Montreal’s business scene—and how long it’s been part of the city’s DNA—you’re not alone. Here, I’ll take you through BMO’s Montreal journey, highlight key milestones, explain why its history matters for locals and business pros alike, and sprinkle in a few stories and mistakes I made (like confusing it with other Canadian banks!). Plus, you’ll see examples of how its legacy impacts the city today, and I’ll wrap things up by comparing international banking standards to put BMO’s practices in a global context.
The Bank of Montreal isn’t just a name—it’s woven into Montreal’s story. In fact, BMO is Canada’s oldest bank, founded directly in Montreal in 1817 (BMO official history). Its first headquarters was right in Old Montreal, just a few blocks from the Old Port. Some afternoons, when I take a walk there, it feels like you’re stepping back into the 1800s—cobblestones, Victorian street lamps, and that iconic neoclassical bank building (which, by the way, still stands at 119 rue Saint-Jacques).
Why this matters: BMO played a crucial role in fueling Montreal’s rise as Canada’s commercial capital throughout the 19th and early 20th centuries. Slowly—almost stealthily—it became the financial heart of the city and, arguably, of the country.
Let’s break this down into memorable moments (while sharing some personal and quirky observations along the way):
Picture mid-June, 1817, a dozen distinguished Montreal merchants—think top-hat types—meeting at John Richardson’s house (an old stone mansion). Their shared panic? Colossal trading headaches due to the lack of a formal banking system in the mainly British North American economy after the War of 1812. Instead of gold or pounds, stores relied on IOUs or random currencies. Frustrating, right?
So, these founders pooled £250,000 in capital—enormous for the time—and BMO opened its doors on November 3, 1817. Historians always point out the atmosphere: more optimism than bureaucracy, and—unlike some modern meetings—the agenda led to actually starting a business.
Move ahead a few decades. Montreal had boomed thanks to British investment, shipping, and railroads. BMO built its statement headquarters at Place d’Armes overlooking Notre-Dame Basilica (spoiler: it’s still standing). But I actually walked past it the first time, looking for a “modern glass tower,” and laughed when a local pointed at this stately Greek Revival columned building.
In this era, BMO financed canals, railways, and the fur trade. Evidence? Read about the financing of the Lachine Canal and the pivotal Grand Trunk Railway. BMO’s involvement is cited in dozens of economic papers and histories (see here).
There’s an industry joke: “If it was big and built in Montreal after Confederation, odds are BMO signed the loan.” It’s only half a joke.
By the early 20th century, Montreal was Canada’s financial epicenter. BMO served not just businesses but individuals, and even managed government accounts for a time—in effect, acting as Canada’s central bank until the Bank of Canada was established in 1935 (Bank of Canada history).
This is where I got tripped up in a trivia contest—I wrongly guessed Toronto was always the financial hub. Wrong! Montreal was decades ahead.
Montreal’s status changed over the 1960s–70s, especially with shifting political climates, but BMO’s head office remained rooted there. Even after some bank functions moved to Toronto (for economic and demographic reasons), the iconic Place d’Armes headquarters kept its symbolic value. For many Montrealers, it’s not just a “bank” but a landmark with deep family connections (my neighbor tells stories of his grandfather’s first savings account there—and of meeting his future wife at a banking event!).
Fast-forward to now. BMO’s historic Old Montreal head office still holds the bank’s formal headquarters address—remarkably rare since most Canadian banks have shifted to Toronto for operational reasons. The Montreal campus serves as both a business hub and a heritage site, hosting events, art exhibitions, and occasionally (surreally) movie shoots.
BMO now operates from coast to coast and across North America, but its heart is still tied to Montreal’s culture, infrastructure, and civic pride.
Let’s say you’re starting a local commercial venture. Knowing BMO’s deep connections to regional development can directly influence your choice of lenders or partners. For example, in 2023, BMO partnered with the City of Montreal to promote diversity and inclusion among small businesses. It launched programs to help immigrant entrepreneurs get loans—something that drew on its long-term presence and understanding of local communities.
Contrast this to new market entrants, whose programs lack that “old neighborhood” touch. (True story: I sat in a roundtable with local entrepreneurs, and the consensus was, “If you want help navigating Montreal’s complex business landscape, BMO’s local team just ‘gets’ it.”)
In a 2022 interview with financial historian Michel Sarra-Bournet, he told the CBC (CBC news article): “The Bank of Montreal wasn’t just a place to store currency—it was an engine for Montreal’s growth. The city’s reach and infrastructure owe a lot to that early capital and risk-taking.” Local academic panels, too, agree that understanding this legacy is key for policymakers shaping the city’s next economic leap.
Ever wondered how “verified trade” or banking certification differs across countries? Even banks with long histories—like BMO—need to match global norms for compliance, anti-fraud, and transparency. Here’s a quick comparison of standards:
| Country/Org | "Verified Trade" Standard | Legal Basis | Supervisory Body |
|---|---|---|---|
| Canada | OSFI Guidelines | Bank Act, OSFI guidance | Office of the Superintendent of Financial Institutions (OSFI) |
| USA | Federal Reserve standards | Dodd-Frank Act | Federal Reserve, OCC, FDIC |
| EU | MiFID II, EBA guidelines | Capital Requirements Directive (CRD IV) | European Banking Authority (EBA) |
| Global Institutions | Basel III Accord | Basel Committee on Banking Supervision | Bank for International Settlements |
When I tried digging into compliance for international wire transfers, I found that BMO had to follow both Canadian OSFI and global Basel rules—sometimes making the process slow but, as regulators would say, “safer for customers and for the system.”
One well-known industry example was BMO’s role in implementing anti-money-laundering (AML) reforms when Canada updated its Proceeds of Crime (Money Laundering) and Terrorist Financing Act, harmonizing with FATF and WCO recommendations. US banks required “beneficial ownership” disclosure sooner than Canada, catching a few BMO Montreal clients off-guard when wiring funds south—one entrepreneur shared at a Chamber of Commerce breakfast how a simple transfer got delayed days for US-side extra checks.
Was it annoying? Definitely. Did it put BMO at odds with faster startups? Sometimes, yes. But as the BMO compliance director I spoke to explained, “That’s the cost of decades-long reputation—for Montreal clients, the extra step means peace of mind.”
One thing caught me off guard: Just how often BMO pops up in people’s family histories (“My aunt worked the teller desk in the ’50s!") and in small, almost invisible ways—like the worn stone stairs in Old Montreal, left smooth by decades of business owners, tellers, and curious tourists (and yours truly, awkwardly tripping on them on the first visit). Its history is never “just history”—it lives in thousands of Montrealers’ stories, whether getting a mortgage, starting a café, or fundraising for charity.
Here’s what’s clear: BMO is more than a bank in Montreal; it’s a foundational institution that literally helped build the city, from canals to culture. Understanding its trajectory gives you insight into not just business but the social life of Montreal. If you want to delve deeper, check out their 180+ years history series, or drop by Old Montreal to see the headquarters yourself (trust me, the columns are more impressive in person than in photos!).
Final thoughts? Don’t make the rookie mistake I did—thinking old institutions are irrelevant to modern life. In Montreal, if you walk where the money started, you’re often walking where history happened. Next time you’re in town, look up, look around, and maybe even step inside a bit of living history.