Bank of Montreal 2008 Annual Report Download - page 17

BMO Financial Group 191st Annual Report 2008 | 13
for the future. Supported by a branch network now 44% larger than
it was in 2005, the Harris brand has increased visibility in markets
across three Midwestern states. At the same time, Harris’ multi-year
transformation program is enhancing customers’ expe rience and
improving front-line and operating effi ciency. Harris’ reputation as
a pillar of the Midwest financial com munity was important to its
success in capturing market share, as customers refinancing their
mortgages in this year’s challenging envi ron ment moved their
business to the trusted Harris brand. Our U.S. commercial banking
business also benefited from Harris’ solid reputation. We expanded
our sales force, hiring a number of the region’s most experienced
and highly regarded com mercial bankers, increasing Harris’ com -
pe titive presence as well as future growth potential.
Despite challenging conditions this year, our wealth management
businesses showed we’re not standing still. Private Client Group
stayed focused on its established targets and delivered strong
results. In 2008, to reach more clients and improve service, we
expanded our customer service and sales forces at BMO Nesbitt
Burns
®
*, BMO Harris Private Banking and BMO InvestorLine.
We invested in technology, for example, enhancing our financial
planning capabilities with the goal of providing clients with clear,
meaningful and personal financial plans. Additionally, we con -
tinued to expand our asset management capabilities, completing
the acquisition of U.K.-based Pyrford International plc, extending
the reach of PCG’s institutional asset management beyond North
America, and announcing an agreement to make a strategic
investment in Virtus Investment Partners, Inc.
BMO Capital Markets’ leadership team undertook a comprehensive
reviewthatfocusedonoptimizingper formance through capital
allocation and achieving a better balance of risk and return. The
plan is built on strengthening our stable, profitable base and
identifying attractive growth opportunities for our core clients.
In 2008, we more than doubled the size of our muni cipal bond
business in the United States by acquiring Griffin, Kubik, Stephens
& Thompson, Inc., a Chicago-based municipal bond dealer. With
our national presence in municipal banking and a solid and well-
diversified investor base, this now gives a competitive advantage as
more U.S. municipalities seek to finance their infrastructure needs.
We are also expanding our international footprint, opening an office
in Mumbai1, India, that will help our clients access international
markets. BMO Capital Markets now operates in 12 locations across
Europe, Asia, Australia and South America, in addition to 14 offices
in North America. BMO Capital Markets was also named Best
Investment Bank in Canada in 2008 by Global Finance magazine.
PROGRESS REPORT
1 Office in Mumbai opened in November 2008.
•Our customer culture: We are streamlining our processes
to ensure we deliver extraordinary value to our customers –
and take away com plexity. Our brand is compelling because
it promises a differentiated experience.
•Excellence in performance: We’re managing our people,
processes and assets across the enterprise for productivity.
Our culture emphasizes results, customer focus, accountability
and leadership development.
•Building leadership in risk management:
We’re making investments in our risk management capabilities,
assessing performance based on risk-adjusted returns to ensure
that the risks we assume are being appropriately rewarded
and are generating shareholder returns.
How we’re differentiating BMO to drive performance and growth
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