Bank of Montreal (BMO) is reportedly planning to double its customer base to six million people in the US over next three to five years as part of its strategy to expand its footprint in the American retail banking market.
"I don’t generally put things out if I don’t expect to see it happen within three to five years. I think that’s a reasonable time frame," BMO CEO Bill Downe told The Wall Street Journal in an interview.
The Toronto-based bank operates as BMO Harris Bank in the US with its presence mainly concentrated in the Midwest and has about 600 US branches and three million customers.
"You have to remember that BMO Harris Bank was principally a commercial bank until 10 years ago. So, we’re building a retail brand," Downe added.