BAM Bam Groep (Kon)

RNS Number:9542C
Bank of Montreal
22 December 1999


Bank of Montreal Sells Partners First Credit Card Company

Toronto, December 22, 1999 - Bankmont Financial, the U.S. holding company for
Bank of Montreal, today announced that it has sold substantially all of the net
assets of Partners First, a credit card issuing company, to Wachovia Bank Card
Services, part of Wachovia Corporation, an Atlanta-based financial services
company.

The deal results in a gain for Bank of Montreal of approximately $75 million US
before tax. The transaction is expected to close in the first quarter of 2000,
and is subject to regulatory approval.

"We will recognize a significant gain on the sale, as a result of the quality of
the portfolio, which the management team at Partners First has built over the
past few years," said Jeff Chisholm, Vice-Chair, Bank of Montreal.

"We are extremely pleased with the agreement we have been able to reach with
Wachovia," he said.

In October of this year following an in-depth analysis of its U.S. card
business, Bank of Montreal determined that as the industry matures and
competition intensifies, the opportunities for growth in the U.S. are limited.

Bank of Montreal concluded that the capital required to develop a competitive
position within Partners First would be more appropriately allocated in priority
growth areas such as electronic commerce, small business and wealth management.

The sale of Partners First does not affect Bank of Montreal's Canadian
cardholder business or its merchant operations in the U.S. or Canada.


Contacts:

Media Relations

Denny Allen, Toronto, (416) 927-2740
Ron Monet, Montreal, (514) 877-1873
Paul Gammal, Chicago, (312) 461-6625

Internet: www.bmo.com


Investor Relations

Susan Payne, Toronto, (416) 867-6656 
Lynn Inglis, Toronto (416) 867-5452


END
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