Bank of Montreal 2003 Annual Report Download - page 7

BMO Financial Group 186th Annual Report 2003 3
guiding principle at BMO, and it goes like this: In order to get
it right with customers and shareholders, we must first get it
right with our people. If we provide our people with the work
environment, tools and incentives required to capture the
loyalty of customers, they will reward us with more business
and wonderful word-of-mouth referrals – which will result in
higher returns for our shareholders.
Iwasconvincedback then that our success was dependent
on this all-out people focus. And I am even more convinced
today. I want to personally thank my 34,000 colleagues across
BMO whose deep commitment and hard work contributed so
significantly to our collective ability to deliver on our promise
to shareholders in 2003.
Finally, as steward of Canada’s first bank, which can now
look forward to a glowing transnational future, I thank you
our shareholders for your support over the past few years of
repositioning. On behalf of the entire BMO team, I promise
that we will continue to do everything we can to earn your
ongoing trust and support.
long-standing leadership in credit risk management – and by
making the investments and taking the actions necessary to
accelerate revenue growth while containing costs, thereby
securing instead of mortgaging our future.
One way in which we are addressing the revenue side of
the productivity equation is through a multi-faceted drive to
improve and deepen customer loyalty in order to earn a larger
share of each client’s business. This is our most significant
challenge in Canada. With this challenge in mind, we have
made large investments in technology and our sales force in
recent years, and we are continuing to invest in the front-line
people, sales tools and improved processes and incentives to
serve our customers better.
In the United States, one of our biggest challenges is to
expand the Harris Bank branch network and grow market
share despite increased competition from new market
entrants. A major differentiating strength is superior cus-
tomer satisfaction and loyalty. Strong customer relationships
and our consistent community banking model position us
well both to increase sales to existing customers and to
be perceived as an acquirer of choice in our pursuit of
shareholder-friendly branch expansion in Chicago, Illinois
and surrounding states.
This brings me to my most important observation about
the future. As illustrated in the pages that follow, BMO
Financial Group is focused as never before on delivering
value to our clients in a manner that earns and keeps their
trust. As I wrote in this space four years ago, we have a clear
In order to get it right with customers
and shareholders, we must first get it
right with our people.
Message to fellow shareholders
from the Chairman and
Chief Executive Officer,
Tony Comper
Canada - U.S. growth strategy
Deliver our offerings efficiently, prudently and profitably by:
▪Continuing to invest in strengthening our core
Canadian franchise
▪Selectively and substantially expanding in personal
and commercial, mid-market and individual investing
markets in the United States
Tony Comper
Chairman and
Chief Executive Officer