Bank of Montreal established

On today’s date in 1817, nine Montreal merchants signed articles of association for the organization of the Bank of Montreal (BMO); with £250,000 capital, Canada’s oldest chartered bank would issue our first domestic currency when it opened for business later that year on Nov. 3.

John Richardson, who was arguably Montreal’s leading businessperson at the time, signed the articles of association with eight other merchants to establish the BMO in a rented house in Montreal, Que. The bank would officially open its doors to the public on Nov. 3, 1817, making it Canada’s oldest bank; as such, its institution number is “001”.

In Canada, the bank currently operates as BMO Bank of Montreal and has more than 900 branches and seven million customers.

 

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