Bank of Montreal (BMO)
is to rebrand its US-based retail branch network under the BMO
Harris Bank moniker, when it completes the acquisition of Marshall
& Ilsley.
BMO’s retail unit in the
US currently operates under the Harris Bank brand.
In December, BMO
announced plans to acquire Marshall & Ilsley for $4.1bn –
its biggest US acquisition to date – and is aiming to conclude the
deal by July.
Marshall & Ilsley
has 374 branches across the American Midwest; more than one-half of
its branches are located in Wisconsin.
Harris Bank has 331
branches serving 1.2m customers across Illinois, Indiana, and
Wisconsin.
The newly enlarged US
unit of BMO – comprising Harris’ $70.2 billion in assets and
Marshall & Ilsley’s $50.8 billion of assets – will form the
16th largest US bank by assets.
