BAM Bam Groep (Kon)

RNS No 9180b
BANK OF MONTREAL
22 September 1999


BANK OF MONTREAL EXPANDS DISCOUNT BROKERAGE WITH U.S. ACQUISITION

TORONTO, September 22, 1999 - The Bank of Montreal Group of Companies is
expanding its discount brokerage business by acquiring Chicago-based discount
brokerage firm Burke, Christensen & Lewis Securities, Inc. (BCL Securities).
The transaction is valued at $Cdn 66 million ($US 45 million) and is subject to
regulatory approval.

"This acquisition will allow us to expand our North American electronic business
by significantly increasing our discount brokerage client base and management
expertise in the U.S., where we already have an established presence with
Chicago-based Harris Bank," said Tony Comper, Chairman and Chief Executive
Officer, The Bank of Montreal Group of Companies.

The new company, to be known as Harris/BCL - Investors Direct,  is part of Bank
of Montreal's Private Client Group which has total assets of $165 billion under
administration.  The Private Client Group brings together all of the bank's
wealth management services, including retail investment products, discount and
full service brokerages, private banking and institutional money management.

"BCL will join our Harris Investors Direct discount brokerage, giving us nearly
45,000 U.S. brokerage clients and bringing our total number of retail customers
in the United States to almost one million," said Mr. Comper.  "Harris/BCL -
Investors Direct will work side by side with its Canadian counterpart, Bank of
Montreal's InvestorLine, as an important component in our North American growth
strategy."

In addition to building on the extensive Harris private bank and retail bank
client base in the U.S. Midwest, the new regional discount brokerage presence
now extends into 50 states and enhances an already solid platform for future
e-brokerage and e-business growth and expansion across the United States.

BCL Securities, founded in 1973, is a pioneer in the electronic discount
brokerage industry.  It services an active, self-directed investor clientele
with over #2.6 billion in assets.  In addition to Chicago, the firm has offices
in Milwaukee, Cleveland and Detroit.

"Combining with Harris Bank/Bank of Montreal will give us the added scale,
talent and capabilities that are necessary to compete in the future," said Rod
Trautvetter, Chief Executive Officer, BCL Securities.  "In addition, the Harris
Bank/Bank of Montreal name carries an assurance of high quality service and
trust that will serve our customers well."

Mr. Trautvetter will be named President of Harris/BCL - Investors Direct.  The
combined company has $4.2 billion in assets under administration.  Bank of
Montreal's InvestorLine discount brokerage has over 195,000 accounts and
almost $6 billion in assets under management.

The Private Client Group is focused on wealth management, which represents the
fastest growing area in the financial services category.  It is a cornerstone to
providing integrated banking and financial services to meet rapidly changing
customer needs.

Contacts:
Joe Barbera/Ian Blair, Toronto (416) 927-2740
Ronald Monet, Montreal (514) 877-1101
Laurie Grant, Vancouver (604) 665-7596
Paul Gammal, Chicago (312) 461-6625

Internet:  http://www.bmo.com


END

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