Bank of Montreal 2008 Annual Report Download - page 6

Our Operating Groups
Who We Are
A Canadian-based North American bank, established in 1817, BMO®Financial
Group is highly diversified. We work with millions of personal, commercial,
corporate and institutional customers through our operating groups: Personal
and Commercial Banking Canada, Personal and Commercial Banking U.S., Private
Client Group and BMO Capital Markets. Our 37,000 employees are dedicated to
making BMO the bank that defines great customer experience. Our approach
is relationship-driven. In every business, our focus is on customers –and on
always improving our overall performance. We are proud of what we do and
where we work. And we believe in giving back. This is who we are.
Personal and Commercial Banking Canada
(P&C Canada) Serving more than seven
million personal and commercial customers,
we partner with other BMO businesses to
deliver a full range of products and services.
We do this through our integrated network
of branches, automated banking machines
and specialized sales forces, and through
direct banking by phone and online.
Personal and Commercial Banking U.S.
(P&C U.S.) Serving more than 1.2 million
customers, together with other Harris and
BMO businesses, we deliver a full range
of products and services. We do this through
our integrated network of branches, auto-
mated banking machines, and direct
banking by phone and online. Our distri -
bution capa bilities, combined with our
local knowledge, allow us to effectively
deliver the highest level of
service to our customers.
BMO Capital Markets®(BMO CM)
From offices on five continents, we serve
corporate, institutional and government
clients in North America and internationally,
drawing on our exper tise in investment and
corporate banking, debt and equity research,
treasury and market risk management.
Private Client Group (PCG) Operating
under the BMO brand in Canada and Harris
in the United States, we deliver a broad
range of
wealth management products
and solutions
to client segments ranging
from mainstream to ultra-high net worth
individuals, as well as institutions.
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Contents
Our Dividend Record
BMO has a strong dividend growth record and our
target payout ratio is at 45% to 55% of earnings.
We have a long-standing commitment to enhancing
shareholder value while maintaining a strong
capital position that allows us to execute our
growth strategies.
200820072006200520042003200220012000199919981997199619951994
2.80
0.66
0.60 0.74 0.82 0.88 0.94 1.00 1.12 1.20
1.34
1.59
1.85
2.26
2.71
0.53
0.49 0.59 0.63 0.71 0.74 0.84 0.96 1.06 1.15
1.45
1.72
1.95
2.30
2.51
Canadian peer group average
BMO
Dividends Declared ($ per share)
11. 3 %
BMO 15-year
Compound annual growth rate:
Business Review
Who We Are . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .IFC
Numbers That Matter . . . . . . . . . . . . . . . . . . . . . .IFC
2008 Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . .4
President and Chief Executive Officer’s Message . . .5
Our Strategy at a Glance . . . . . . . . . . . . . . . . . . . . .6
The Vision Driving our Strategy . . . . . . . . . . . . . . . .7
Management Process . . . . . . . . . . . . . . . . . . . . . . .8
Management Committee . . . . . . . . . . . . . . . . . . . . .9
Progress Report
Defining Great Customer Experience . . . . . . . . . . .10
Momentum Across the Enterprise . . . . . . . . . . . . .12
Refining Risk Management for the Global Market . .14
Governance Review
Chairman’s Message . . . . . . . . . . . . . . . .16
Corporate Governance . . . . . . . . . . . . . . .17
Board of Directors . . . . . . . . . . . . . . . . . . .19
Corporate Responsibility Review
Corporate Responsibility
Embracing our Responsibilities . . . . . . . .20
Developing our People . . . . . . . . . . . . . . .20
Helping our Communities . . . . . . . . . . . .22
Environment . . . . . . . . . . . . . . . . . . . . . . .24
Financial Review
Management’s Discussion and Analysis . . . . . . . .25
Financial Performance and Condition at a Glance . .26
Supplemental Information . . . . . . . . . . . . . . . . . . .90
Consolidated Financial Statements . . . . . . . . . . .104
Notes to Consolidated Financial Statements . . . .108
Directories and Resources
Principal Subsidiaries . . . . . . . . . . . . . . . . . . . . .152
Performance Committee . . . . . . . . . . . . . . . . . . .153
Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154
Shareholder Information . . . . . . . . . . . . . . . . . . .156
Where to Find More Information . . . . . . . . . . . . .IBC
Bank of Montreal uses a unified branding approach that links all of the organization’s member companies. Bank of Montreal, together with its subsidiaries, is known as BMO Financial Group.
As such, in this document, the names BMO and BMO Financial Group mean Bank of Montreal together with its subsidiaries.