BMO chief executive predicts U.S. business recovery
The head of Bank of Montreal, which recently moved to expand its already substantial U.S. presence, says he sees signs of increased acquisition and trade activity among the bank's U.S. clients, suggesting an improving business climate.
"I think in the last three or four weeks or so, since the first of the year, you're seeing a broader interest across the board," said Bill Downe, BMO's chief executive. Downe said that while many corporate clients have been increasing their borrowing capacity, few have been increasing their use of that credit.
However, he said the bank is witnessing more "conversation" around capital spending and investment among clients.
BMO, Canada's No. 4 lender, agreed to buy troubled Wisconsin bank Marshall & Ilsley Corp for about $4 billion US in stock in December, in a move that will essentially double the Canadian bank's presence in the U.S. Midwest.
BMO also has four commercial bank branches in China, and Downe said he's seeing more activity among his U.S. clients in export markets.
(Source: BNN)
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