The chief executive officer of Bank of Montreal suggested to shareholders on Tuesday that the lender is eyeing even further growth in the United States, where the company already collects nearly a third of its total earnings.
BMO chief executive Darryl White said at the annual meeting in Toronto that they expect their percentage of profit from the U.S. to increase from its current 30 per cent or so, noting that the lender now only has “a very small share” of the sizable market south of the border.The CEO’s speech noted that the bank’s U.S. segment has recorded a compound annual earnings growth rate of 17 per cent since 2015, and that the lender now has cross-border capabilities across the business.
BMO’s increasing presence in the United States comes as its economy and that of Canada have cooled down compared to recent years. In Canada, however, the bank has had to face stricter mortgage rules and the absence of a sweeping corporate tax cut similar to the one that was done in the U.S. last year.
White said that roughly 50 per cent of the business that BMO does in the U.S. comes from seven states around the Midwest and the other half from the rest of the country. “With more than $800 billion in assets, we have the platform to share knowledge, capabilities, resources and technology at a scale beyond the reach of regionally-focused U.S. banks,” White’s speech said.
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