RNS No 6332q
BANK OF MONTREAL
26 October 1999


Bank of Montreal Reports One-Time Charges

TORONTO, October 26, 1999 - Bank of Montreal announced today that it will be
taking two one-time charges in the fourth quarter of 1999. The first represents
a restructuring charge of $81 million after tax, $141 million pre-tax. The
second represents a write-down of $32 million after tax, $55 million pre-tax, in
the bank's distressed investment securities portfolio.

Restructuring Charge
The restructuring charge was determined as part of a rigorous analysis of the
bank's 32 lines of business and reflects the progress made to date. The charge
reflects costs associated with ceasing activities that were not contributing to
the bank's shareholder value creation goals. The bank is committed to growing
its businesses, investing in the future and achieving results that will maximize
shareholder value.

The restructuring charge breaks down as follows:

*  Personal and Commercial Client Group - $67 million for consolidation of
   branches and realignment of the bank's distribution system;

*  Private Client Group - $6 million for strategic repositioning to take
   advantage of the highly profitable and growing wealth management sector;

*  Investment Banking Group - $16 million for realignment to support a strategy
   to provide value-added financial solutions to select North American
   clientele;

*  Corporate Services/Emfisys* - $52 million for streamlining technology and
   staff support areas for the bank.

Write-Down on Distressed Investment Securities Portfolio
The write-down of the distressed investment securities portfolio, to its net
realizable value, results from a deterioration in the overall quality of the
portfolio. This small portfolio is now valued at $49 million.

Bank of Montreal

Bank of Montreal reported net income of $1.124 billion through the first nine
months of the year and had total average assets of $226.5 billion as at July 31,
1999.

Bank of Montreal, Canada's first bank, is a highly diversified financial
services institution. The bank operates in 32 lines of business within its group
of companies, including Nesbitt Burns, one of Canada's largest full-service
investment firms and Chicago-based Harris Bank, a major U.S. mid-west financial
institution. Bank of Montreal has an equity position in, and a strategic
alliance with, Grupo Financiero Bancomer, a leading Mexican financial
institution.

Media Relations Contacts:                      Investor Relations Contacts:
Rick Kuwayti, Toronto (416) 927-2740           Cathy Cranston, (416) 867-6656
Ronald Monet, Montreal (514) 877-1101          David Brennan, (416) 867-5452

Internet: http://www.bmo.com

* Emfisys, the bank's technology company, is responsible for the global
  technology and operations of the entire Bank of Montreal Group of Companies.



END


MSCEQFFLKBKFFKF
Bam Groep (Kon) (LSE:BAM)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Bam Groep (Kon) Charts.
Bam Groep (Kon) (LSE:BAM)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Bam Groep (Kon) Charts.