BAM Bam Groep (Kon)

RNS Number:7257F
Bank of Montreal
16 February 2000


          Credit Unions in Alberta and Saskatchewan 
           to Acquire 34 Bank of Montreal Branches


CALGARY, February 16, 2000 - Bank of Montreal announced today that it has
arranged for the purchase of 34 of its branches by credit unions in
Saskatchewan and Alberta., The agreements were coordinated through the
Credit Union Centrals in each province.

The agreements involve six credit unions in Alberta and 15 in
Saskatchewan, and are subject to regulatory approval. Bank of Montreal
will realize an aggregate pre-tax gain of approximately $25 million,
subject to closing adjustments. Given the phased transfer of ownership
over the next several months, the gain will be reported in the second and
third fiscal quarters.

In Alberta, the transaction involves 17 bank branches and 53 employees.
The branches have approximately $426 million in funds under administration.

In Saskatchewan, the transaction involves 17 bank branches and 63 employees. The
branches have approximately $413 million in funds under administration.

The agreements were announced simultaneously in Calgary and Regina this
afternoon, after bank staff were informed. In both provinces, the credit
unions involved are offering continued employment to bank employees. The
transactions exclude certain products and services such as mutual funds
and MasterCard credit card accounts.

We are pleased that these transactions provide for both continued branch
banking services and employment in these communities," said Pam Robertson,
Senior Vice-President, Prairies Division, Bank of Montreal.

After the transactions close, Bank of Montreal will continue to operate
101 branches in Alberta and 35 in Saskatchewan.
           
Contacts:
Media Relations
Joe Barbera, Calgary (403) 236-7961/(416) 927-2740
Rick Kuwayti, Regina (306) 359-3822 / (416) 927-2740
Ronald Monet, Montreal (514) 877-1101

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

Internet: http://www.bmo.com

END

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