The bank says the closing of the deal adds nearly 1.8 million customers and 500 branches to BMO that, along with its current presence in the U.S., gives it a footprint in 32 states.
She says that among other advantages, a bigger operation will help the bank better leverage its technology, while also offering more possibilities to test out products and offerings in different markets. The closing also arrives as worries grow about the near-term economic picture amid rising interest rates and high inflation, but Johannson says the bank is still confident the deal makes sense.
Heightened economic worries has pushed Canadian regulators to increase bank capital requirements, which has prompted BMO to raise money both through share issues and a dividend reinvestment program.
If they'd waited a year, would've saved couple billions.
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