TORONTO, Aug. 31 /CNW/ - BMO Financial Group (TSX, NYSE: BMO) today
announced that the Toronto Stock Exchange has accepted notice of BMO Financial
Group's intention to purchase, for cancellation, up to 25 million of its
common shares under a normal course issuer bid through the facilities of the
Toronto Stock Exchange.
Purchases under the normal course issuer bid may commence September 6,
2007 and will end September 5, 2008. The common shares that may be repurchased
represent approximately 5.0 percent of the public float. BMO Financial Group
will determine the actual number of common shares that may be purchased and
the timing of any such purchases. The price paid for the share purchases will
be the market price of the shares at the time of acquisition.
As of August 27, 2007, 7,681,200 common shares were repurchased at an
average price of $68.83 under the bank's current normal course issuer bid,
which will expire September 5, 2007. There were 498,032,857 Bank of Montreal
common shares issued and outstanding as at August 27, 2007 and the public
float was 497,353,019 common shares. The average daily trading volume for the
6 months ended July 31, 2007 was 1,421,954 shares.
BMO Financial Group's Tier 1 capital ratio was 9.29 percent, as at
July 31, 2007. The normal course issuer bid is being established as part of
BMO's capital management strategy.
Bank of Montreal's common shares are listed on both the Toronto and New
York stock exchanges.
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly
diversified North American financial services organization. With total assets
of $359 billion as at July 31, 2007, and more than 35,000 employees, BMO
provides a broad range of retail banking, wealth management and investment
banking products and solutions. BMO Financial Group serves clients across
Canada through its Canadian retail arm, BMO Bank of Montreal, and through its
wealth management firms BMO Nesbitt Burns, BMO InvestorLine and BMO Harris
Private Banking. BMO Capital Markets, our North American investment and
corporate banking division, provides a full suite of financial products and
services to our North American and international clients. BMO also serves
personal and commercial clients in the United States through Chicago-based
Harris, an integrated financial services organization that provides more than
one million personal and business clients with banking, lending, investing,
financial planning, trust administration, portfolio management, family office
and wealth transfer services.
For further information:
For further information: Media Relations, Ralph Marranca, Toronto,
email@example.com, (416) 867-3996; Ronald Monet, Montréal,
firstname.lastname@example.org, (514) 877-1873; Investor Relations, Steven Bonin,
Toronto, email@example.com, (416) 867-5452; Krista White, Toronto,
firstname.lastname@example.org, (416) 867-7019; Internet: www.bmo.com