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BMO

Diversified North American Commercial & Retail BankingFounded 1817
Reviewed by Swet Parvadiya
Company data updated: November 2026

Acquisitions

BMO Acquisitions

5

Major Deals Covered

$29.9B

Disclosed Deal Value

What are BMO's biggest acquisitions?

BMO's largest disclosed acquisition here is Harris Bankcorp (Harris Bank of Chicago) for $547 in 1984. This page covers 5 major deals from 1984 to 2023, each with its price where disclosed and the reason behind it.

Major deals covered
5
Largest deal
Harris Bankcorp (Harris Bank of Chicago) ($547)
First deal
1984
Most recent
2023
CompanyYearPricePurpose
Bank of the West2023Undisclosed—
Marshall & Ilsley Corporation (M&I Bank)2011Undisclosed—
Harris Bankcorp (Harris Bank of Chicago)1984Undisclosed—
GE Capital Transportation Finance2015Undisclosed—
Nesbitt Thomson Inc.1987Undisclosed—
What companies has BMO bought?
Major acquisitions by BMO documented here include Harris Bankcorp (Harris Bank of Chicago) (1984), Nesbitt Thomson Inc. (1987), Bank of the West (2023), GE Capital Transportation Finance (2015) and Marshall & Ilsley Corporation (M&I Bank) (2011).
What is BMO's most recent acquisition?
The most recent BMO acquisition documented here is Bank of the West, in 2023, for $16.3.

Bank of the West

2023

$16.3B

Why

Acquired Bank of the West from BNP Paribas in an all-cash transaction completed on February 1, 2023, absorbing US$105 billion in assets, US$89 billion in deposits, and nearly 1.8 million retail, commercial, and agricultural customers across California and 15 Western states.

Outcome

Integrated over 500 branch locations into BMO Bank N.A., generating targeted pre-tax annual run-rate cost synergies of US$670 million and propelling BMO to the top-15 largest commercial banks in the U.S.

GE Capital Transportation Finance

2015

$8.7B

Why

Acquired the North American commercial truck and trailer equipment financing business from General Electric Capital Corporation, including US$8.7 billion in net earning assets.

Outcome

Created BMO Transportation Finance, generating substantial net interest income and commercial treasury client relationships across Canada and the United States.

Marshall & Ilsley Corporation (M&I Bank)

2011

$4.1B

Why

Acquired Milwaukee-based Marshall & Ilsley Corporation in an all-stock transaction, bringing US$49 billion in assets and 370 branches across Wisconsin, Minnesota, Missouri, Kansas, and Arizona.

Outcome

Merged into Harris Bank to form BMO Harris Bank N.A., creating the premier commercial lending engine in the Midwest and unlocking substantial operational efficiencies.

Nesbitt Thomson Inc.

1987

$291M

Why

Acquired leading Canadian investment dealer Nesbitt Thomson following financial deregulation in Canada, subsequently merging it with Burns Fry in 1994 to form BMO Nesbitt Burns.

Outcome

Established BMO Capital Markets and BMO Wealth Management as premier revenue contributors, generating high-margin fee income to complement traditional loan spreads.

Harris Bankcorp (Harris Bank of Chicago)

1984

$547M

Why

Acquired Chicago-based Harris Bankcorp, one of the oldest and most respected corporate and retail banks in the American Midwest with US$8 billion in assets.

Outcome

Served as BMO's U.S. regional flagship for four decades, providing an enduring commercial deposit base and mid-market lending franchise that anchored subsequent U.S. expansions.

BMO's Growth & Acquisition Strategy

Accelerating cross-selling of capital markets, treasury, and wealth management services across 1.8 million Bank of the West commercial clients, scaling digital loan origination platforms to under-48-hour approvals, and leading sustainable energy transition finance across North America.

How BMO Makes Money

BMO operates across four core operating groups: Canadian Personal and Commercial Banking (35% of revenues), U.S. Personal and Commercial Banking (30%), BMO Capital Markets (20%), and BMO Wealth Management (15%). It generates earnings through net interest margin spreads on commercial, corporate, and residential loans, complemented by recurring fee income from investment banking underwriting, M&A advisory, private wealth management, and market-leading Canadian ETF issuance.

BMO Acquisitions FAQ

How much did BMO pay to acquire Bank of the West and what did it include?

BMO paid US$16.3 billion in all-cash consideration to acquire Bank of the West from French banking giant BNP Paribas, closing the transaction on February 1, 2023. The acquisition included US$105 billion in balance sheet assets, US$89 billion in deposits, nearly 1.8 million retail, commercial, and agricultural clients, and over 500 branch locations across California and 15 Western U.S. states.

Why was the 1984 Harris Bank acquisition historically significant?

BMO's 1984 acquisition of Chicago-based Harris Bankcorp for US$547 million was the first time a Canadian chartered bank acquired a major American commercial banking institution. The transaction established BMO's enduring commercial middle-market beachhead across the U.S. Midwest, providing a scalable regulatory and operational foundation for four decades of subsequent U.S. growth.

What was the strategic rationale behind acquiring Marshall & Ilsley (M&I) in 2011?

BMO acquired Milwaukee-based Marshall & Ilsley Corporation for US$4.1 billion in 2011 to double its retail branch network across the Upper Midwest and establish dominant commercial banking market share in Wisconsin and Minnesota. The acquisition also added substantial private wealth management and corporate trust assets to BMO's U.S. operations.

What did the acquisition of GE Capital Transportation Finance achieve for BMO?

In 2015, BMO acquired GE Capital's North American Transportation Finance business for US$8.7 billion in net earning assets. The transaction made BMO the number-one commercial equipment financier for the North American freight, trucking, and logistics sectors, creating deep relationship banking and cash management opportunities with mid-sized and enterprise fleet operators.

What cost and revenue synergies did BMO target from the Bank of the West merger?

BMO targeted US$670 million in annual pre-tax run-rate cost synergies from integrating Bank of the West, primarily achieved by unifying core IT infrastructure, eliminating redundant administrative corporate overhead, and rationalizing technology licenses. In addition, BMO identified significant revenue synergies by deploying BMO Capital Markets underwriting and BMO Private Wealth solutions across Bank of the West's affluent commercial client roster.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.