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SWIFT Code HATRUS44XXX：An introduction to BMO Harris Bank
Author:XTransfer2025-03-19
We have already introduced the usage of SWIFT Codes and where to find your code. Then we will recognize some specific bank SWIFT Codes and this post will introduce BMO Harris Bank, whose SWIFT Code is HATRUS44XXX.
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Ⅰ BMO Harris bank's development history
BMO Harris Bank is the U.S. subsidiary of the Bank of Montreal (BMO). It is a Canadian bank headquartered in Chicago. Its history reflects its transformation from a local bank to a multinational financial institution and its continued expansion and integration capabilities in the U.S. market. The following is a detailed description of its history.
1. Early History
BMO Harris Bank traces its roots back to 1882, when Norman Wait Harris founded N.W. Harris & Co. in Chicago, initially as a municipal bond brokerage firm, and changed its name to Harris Trust and Savings Bank in 1907. In 1960, Harris Trust and Savings Bank merged with the National Bank of Chicago, and in 1972, the company was reorganized as Harris Bank.
2. Joining the Bank of Montreal
In 1984, BMO acquired Harris Bank, the first acquisition of a U.S. bank by a Canadian financial institution. The acquisition marked BMO's entry into the U.S. market, and in 1994, BMO acquired Suburban Bancorp and merged it with Harris Bankcorp. In 1994, BMO acquired Suburban Bancorp and merged it with Harris Bankcorp. That same year, BMO became the first Canadian bank to list on the New York Stock Exchange.
3. Recent Developments
In 2023, BMO completes the acquisition of Bank of the West and plans to merge BMO Harris Bank with Bank of the West, phasing out the “BMO Harris Bank” brand in favor of BMO's global brand. 2024, BMO's business footprint in the U.S. is expanded to include the U.S., the U.S., the U.S., and Canada. BMO's footprint in the U.S. expands to become the 15th largest bank in the U.S. BMO Harris Bank has more than 600 branches and approximately 1,300 ATMs in the Midwest.
Ⅱ Key Business Areas of BMO Harris Bank
BMO Harris Bank is a U.S.-based subsidiary of the Bank of Montreal, Canada (BMO Financial Group), which operates in the U.S. and Canada, with business linkages to other regions through its parent company's global network.
- For its U.S. operations, BMO Harris Bank offers a comprehensive range of retail banking services, including traditional banking services such as savings accounts, checking accounts, and time deposits, as well as personal loans and credit card services to support credit purchases and installment payments.
- In addition, the bank offers digital banking services that support online and mobile banking operations to provide customers with a convenient banking experience. In the commercial banking segment, BMO Harris Bank provides loans, equipment financing and asset-based lending to small and medium-sized businesses, while supporting middle-market mergers and acquisitions, loan syndication and real estate financing services. The bank also offers cash management, trade finance, and cross-border commercial banking to help clients navigate the different tax and market environments in the U.S. and Canada.
- In wealth management, BMO Harris Bank provides specialized wealth management, investment and fiduciary services to high net worth clients through its private bank, covering cross-border wealth management, wealth planning and investment advice to help clients with financial matters in the U.S. and Canada. Investment banking, on the other hand, includes services such as mergers and acquisitions, bond issuance, equity and debt underwriting, corporate lending, project finance, M&A advisory, securitization, and market risk management. In addition, the bank offers Payment Settlement and Foreign Exchange, supporting cross-border payments, foreign exchange, and foreign exchange trading services in U.S. dollars and Canadian dollars.
- In the rest of the world, BMO Harris Bank offers personal banking services in Canada, including savings, loans and credit cards. The Commercial Banking business provides lending and cash management services to Canadian businesses. The Wealth Management business operates in Greater China through BMO Private Banking, targeting high net worth clients. In addition, the bank supports international trade finance between North America and other regions through BMO Harris Bank and other BMO entities. In the area of global asset management, BMO Harris Bank offers diversified asset management strategies across U.S., Canadian and international equities, fixed income, multi-asset solutions and alternatives, as well as responsible investing and securities lending services.
- In terms of global services, BMO Harris Bank offers cross-border banking services through the global network of its parent company, BMO Financial Group, connecting the U.S. and Canadian markets to help clients simplify their cross-border financial affairs. The bank also provides investment banking and capital markets services in North America and globally to support clients' international financial needs. In addition, BMO Harris Bank is digitally focused, offering online and mobile banking operations for a convenient digital banking experience.
Ⅲ How is the market share of BMO Harris
In the U.S. domestic market, BMO Harris Bank is the 15th largest bank in the U.S. with a significant overall market position. Its business coverage has further expanded in 2024, especially in the Midwest with over 600 branches and around 1,300 ATMs, demonstrating its strong presence in the region. BMO Harris Bank's market share is particularly strong in selected regions.
Internationally, BMO Harris Bank demonstrates its presence primarily through its parent company, BMO Financial Group, one of Canada's five largest banks with a strong presence in the Canadian market, offering a full range of financial services including retail banking, commercial banking and capital markets services. Harris Bank supports cross-border financial activities between the U.S. and Canada through BMO's global network, including trade finance and investment banking services. While BMO Harris Bank's primary focus is on the U.S. market, its parent company, BMO, provides capital markets services globally, covering securities, funds and bonds, further enhancing BMO Harris Bank's international reach. In the wealth management field, BMO Financial Group provides cross-border wealth management services to help clients handle financial affairs in the U.S. and Canada, and is particularly competitive in the North American market.
Overall, BMO Harris Bank has a strong presence in the U.S. Midwest, particularly in the retail and commercial banking sectors. At the same time, through the global network of its parent company, BMO Financial Group, BMO Harris Bank also has a significant presence in Canada and other international markets, particularly in the areas of capital markets and cross-border financial services. As of 2019, BMO's U.S. retail business accounted for 28% of its net profit, further reflecting its importance in the U.S. market. Overall, BMO Harris Bank not only has a strong market position in the U.S. Midwest, but also plays an important role in cross-border financial services and global capital markets through its parent company's global network.
Internationally, BMO Harris Bank demonstrates its presence primarily through its parent company, BMO Financial Group, one of Canada's five largest banks with a strong presence in the Canadian market, offering a full range of financial services including retail banking, commercial banking and capital markets services. Harris Bank supports cross-border financial activities between the U.S. and Canada through BMO's global network, including trade finance and investment banking services. While BMO Harris Bank's primary focus is on the U.S. market, its parent company, BMO, provides capital markets services globally, covering securities, funds and bonds, further enhancing BMO Harris Bank's international reach. In the wealth management field, BMO Financial Group provides cross-border wealth management services to help clients handle financial affairs in the U.S. and Canada, and is particularly competitive in the North American market.
Overall, BMO Harris Bank has a strong presence in the U.S. Midwest, particularly in the retail and commercial banking sectors. At the same time, through the global network of its parent company, BMO Financial Group, BMO Harris Bank also has a significant presence in Canada and other international markets, particularly in the areas of capital markets and cross-border financial services. As of 2019, BMO's U.S. retail business accounted for 28% of its net profit, further reflecting its importance in the U.S. market. Overall, BMO Harris Bank not only has a strong market position in the U.S. Midwest, but also plays an important role in cross-border financial services and global capital markets through its parent company's global network.
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