News
FOR IMMEDIATE RELEASE
Bank of Montreal
Enters into Automatic Securities Purchase
Plan
TORONTO, January 10, 2025
- Bank of
Montreal (TSX:BMO)(NYSE:BMO)
today announced
that it has entered into an automatic securities
purchase plan ("ASPP") with its broker, BMO Nesbitt Burns Inc., in
order to facilitate repurchases of BMO common shares ("Common
Shares") in connection with its previously announced intention to
purchase for cancellation up to 20 million of Common Shares under a
normal course issuer bid. While the ASPP has been approved by the
TSX, the purchase of any Common Shares under the ASPP will not
begin until after the approval of such normal course issuer bid by
the Office of the Superintendent of Financial Institutions Canada
(OSFI) and the Toronto Stock Exchange
(TSX).
The actual
number of
Common Shares
purchased under
the normal course
issuer bid,
the timing of
purchases
and the
price at which the Common
Shares are
bought will depend upon
management
discretion based on factors such as market
conditions
and capital adequacy. The purchase price for any Common
Shares repurchased
by the Bank under the normal
course issuer bid will be market price at the time of
acquisition. The
Bank will
consult
with OSFI
prior to making
purchases.
Bank of Montreal intends to file a notice of
intention with the TSX in this regard and, subject to regulatory
approvals, the bid would commence following TSX acceptance of the
notice and continue for up to one year.
Caution Regarding Forward-Looking Statements
Bank of Montreal's public
communications often include written or oral forward-looking
statements. Statements of this type are included in this press
release and may be included in other filings with Canadian
securities regulators or the U.S. Securities and Exchange
Commission, or in other communications. All such statements are
made pursuant to the "safe harbor" provisions of, and are intended
to be forward-looking statements under, the United States
Private Securities Litigation
Reform Act of 1995 and any applicable Canadian securities
legislation. Forward-looking statements in this press release may
include but are not limited to statements with respect to BMO's
intention to establish a normal course issuer bid. Forward-looking
statements are typically identified by words such as "will",
"would", "should", "believe", "expect", "anticipate", "project",
"intend", "estimate", "plan", "commit", "target", "may",
"schedule", "forecast", "outlook", "seek" and "could" or negative
or grammatical variations thereof.
By their nature, forward-looking
statements require us to make assumptions and are subject to
inherent risks and uncertainties, both general and specific in
nature. There is significant risk that predictions, forecasts,
conclusions or projections will not prove to be accurate, that our
assumptions may not be correct, and that actual results may differ
materially from such predictions, forecasts, conclusions or
projections. We caution readers of this press release not to place
undue reliance on our forward-looking statements, as a number of
factors - many of which are beyond our control and the effects of
which can be difficult to predict - could cause actual future
results, conditions, actions or events to differ materially from
the targets, expectations, estimates or intentions expressed in the
forward-looking statements.
The future outcomes that relate to
forward-looking statements may be influenced by many factors,
including, but not limited to: general economic and market
conditions in the countries in which we operate, including labour
challenges and changes in foreign exchange and interest rates;
changes to our credit ratings; cyber and information security,
including the threat of data breaches, hacking, identity theft and
corporate espionage, as well as the possibility of denial of
service resulting from efforts targeted at causing system failure
and service disruption; technology resilience, innovation and
competition; failure of third parties to comply with their
obligations to us; political conditions, including changes relating
to, or affecting, economic or trade matters; disruptions of global
supply chains; environmental and social risk, including climate
change; the Canadian housing market and consumer leverage;
inflationary pressures; changes in laws, including tax legislation
and interpretation, or in supervisory expectations or requirements,
including capital, interest rate and liquidity requirements and
guidance, and the effect of such changes on funding costs and
capital requirements; changes in monetary, fiscal or economic
policy; weak, volatile or illiquid capital or credit markets; the
level of competition in the geographic and business areas in which
we operate; exposure to, and the resolution of, significant
litigation or regulatory matters, the appeal of favourable outcomes
and our ability to successfully appeal adverse outcomes of such
matters and the timing, determination and recovery of amounts
related to such matters; the accuracy and completeness of the
information we obtain with respect to our customers and
counterparties; our ability to execute our strategic plans,
complete proposed acquisitions or dispositions and integrate
acquisitions, including obtaining regulatory approvals, and realize
any anticipated benefits from such plans and transactions; critical
accounting estimates and judgments, and the effects of changes in
accounting standards, rules and interpretations on these estimates;
operational and infrastructure risks, including with respect to
reliance on third parties; global capital markets activities; the
emergence or continuation of widespread health emergencies or
pandemics, and their impact on local, national or international
economies, as well as their heightening of certain risks that may
affect our future results; the possible effects on our business of
war or terrorist activities; natural disasters, such as earthquakes
or flooding, and disruptions to public infrastructure, such as
transportation, communications, power or water supply; and our
ability to anticipate and effectively manage risks arising from all
of the foregoing factors.
We caution that the foregoing list
is not exhaustive of all possible factors. Other factors and risks
could adversely affect our results. For more information, please
refer to the discussion in the Risks That May Affect Future Results
section, and the sections related to credit and counterparty,
market, insurance, liquidity and funding, operational
non-financial, legal and regulatory, strategic, environmental and
social, and reputation risk in the Enterprise-Wide Risk Management
section of BMO's 2024 Annual MD&A, as updated by quarterly
reports, all of which outline certain key factors and risks that
may affect our future results. Investors and others should
carefully consider these factors and risks, as well as other
uncertainties and potential events, and the inherent uncertainty of
forward-looking statements. We do not undertake to update any
forward-looking statements, whether written or oral, that may be
made from time to time by the organization or on its behalf, except
as required by law. The forward-looking information contained in
this press release is presented for the purpose of assisting
shareholders and analysts in understanding our financial position
as at and for the periods ended on the dates presented, as well as
our strategic priorities and objectives, and may not be appropriate
for other purposes.
Material economic assumptions
underlying the forward-looking statements contained in this press
release include those set out in the Economic Developments and
Outlook and Allowance for Credit Losses sections of BMO's 2024
Annual MD&A, as updated by quarterly reports. Assumptions about
the performance of the Canadian and U.S. economies, as well as
overall market conditions and their combined effect on our
business, are material factors we consider when determining our
strategic priorities, objectives and expectations for our business.
In determining our expectations for economic growth, we primarily
consider historical economic data, past relationships between
economic and financial variables, changes in government policies,
and the risks to the domestic and global economy.
-30-
For
News Media Enquiries:
John Fenton, Toronto, John.Fenton@bmo.com,
(416) 867-3996
For
Investor Relations Enquiries:
Christine Viau, Toronto,
Christine.Viau@bmo.com, (416) 867-6956; Bill Anderson,
Toronto, Bill2.Anderson@bmo.com, (416)
867-7834
Internet: www.bmo.com
X: @BMOmedia
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North
America by assets, with total assets of $1.41 trillion as
of October 31, 2024. Serving customers for 200 years and
counting, BMO is a diverse team of highly engaged employees
providing a broad range of personal and commercial banking, wealth
management, global markets and investment banking products and
services to 13 million customers
across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life, BMO is committed
to driving positive change in the world, and making progress for a
thriving economy, sustainable future, and inclusive
society.