Canada's First Bank Vol. 1

dsc00269_smallAuthor:  Merrill Denison

On Nov 3rd of 1817, Canada’s first permanent banking institution opened its doors and was strategically located very close to business and commerce.

The bank was so successful that it declares a dividend within only 5 months of operations. A policy of lending to well-established commercial businesses and a combination of entrepreneurial ability and managerial integrity defined its staff members. Management focused on the long-term interests and needs of shareholders, government and the community. Montreal was also the trans shipment point of most of the imports and all-significant exports in Upper Canada. The bank became the facilitator for payments between Canada, Great Britain and the United States. American investment capital was used to launch the BMO but control remained in Canada. Learn how The Bank of Montreal used its foreign exchange connections in New York and exceptionally able management to become the principle government banker in the Canadian provinces.

 

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