BMO sees more cost savings from M&I takeover
June 26 (Reuters) - Bank of Montreal expects cost savings of more than $400 million from its 2011 acquisition of Wisconsin lender Marshall & Ilsley, higher than previous estimates, the bank said in an investor presentation on Tuesday.
BMO, Canada's No. 4 bank, doubled the branch count of its U.S. Harris Bank unit with the $4.1 billion purchase last year. It unveiled the new cost savings estimate in an investor presentation in Chicago.
BMO had previously said it expected synergies of more than $300 million. The bank also reiterated its medium-term goal of profit of more than $1 billion from its U.S. retail and wealth business.
- Housing, jobs data weaken, but overall economic picture still upbeat
- U.S. diplomats, but not prosecutors, seek to quell India dispute |
- Target cyber breach hits 40 million payment cards at holiday peak |
- New York Mayor-elect's reputation for lateness parodied on Twitter
- Last-minute Obamacare exemption for those with canceled plans