"Boldly Grow the Good in Business and Life"
TORONTO, June 7, 2019 /PRNewswire/ - BMO Financial Group (TSX:BMO)(NYSE:BMO) today announced commitments to support a thriving economy, sustainable future and inclusive society. By 2025, BMO will mobilize $400 billion for sustainable finance, increase support for small businesses and women entrepreneurs, and commit to zero barriers to inclusion.
The announcement follows an unveiling yesterday of a Purpose and bold Commitment platform across the enterprise with BMO employees in cities, including Toronto, Montreal, Chicago, New York and London, UK. The commitments are part of a monthslong engagement with over 18,000 employees and many customers.
"BMO is driven by a single Purpose to Boldly Grow the Good in Business and Life," said Darryl White, Chief Executive Officer, BMO Financial Group. "At our core, we are focused on driving positive change for our customers, employees and the communities where we do business. Our bank is mobilized and accelerating. And in every new opportunity we take on, we're driven by a clear purpose and a bold ambition – one that mirrors the aspirations of our customers."
BMO is making commitments in three areas by 2025:
For A Thriving Economy
- Double the bank's support for small businesses by:
- Doubling small business lending in Canada to $10 billion
- Doubling small business lending in the U.S. to reach 80,000 customers
- Double the bank's industry leading support for women entrepreneurs, including increased dedicated business relationship managers
"We have the capacity, innovative drive and reach to propel the economy forward," stated Mr. White. "This means standing behind the aspirations of entrepreneurs by supporting innovative business concepts, playing an active role in advocating for nascent industries and technologies. For instance, we will make it faster and convenient for more small businesses to obtain capital through BMO Business Xpress, our small business lending platform."
For A Sustainable Future
- Double the bank's mobilization for sustainable finance to $400 billion, including:
- $250 billion in client investments, which, as trusted advisors, BMO will help to align with sustainable objectives
- Provide $150 billion in capital to companies pursuing sustainable outcomes
- Complement this with products and advisory services to help clients chart a path to improved sustainability
- Create an impact investment fund to find and scale solutions to the sustainability problems faced by clients; seed fund with $250 million in capital
"We commit to being a leading player in sustainable finance through solutions that help our clients create a more sustainable future," said Mr. White. "In 2018, BMO participated in over $10 billion in financing for renewable energy projects and has jointly led sustainable bond issuances for Ontario, Quebec and the World Bank. This commitment represents the next step in the bank's strategic vision to help our clients achieve their sustainability objectives."
For An Inclusive Society
- Continue to be a leader in fostering diversity and inclusion in the workforce:
- Achieve the bank's bold inclusivity goals, with focus on increasing Indigenous representation in Canada to 1.6 per cent of the workforce, and increasing persons of color in U.S leadership roles to 20 per cent by 2020
- Further focus and investment in skills development and evolve educational requirements for hiring to equip employees for future work
- Double the size of the bank's Indigenous Banking business
- Foster inclusive relationships with customers by enabling all 45,000 employees to engage in a new "Learn from Difference" training program
- Drive inclusive economic development through partnership with United Way of Greater Toronto, and $10 million donation
"We are extremely proud of the progress we have made in our workforce, including that 40 per cent of senior leaders are women, and in our communities – such as through our partnerships with Indigenous communities that help support their economic growth and prosperity," stated Mr. White. We will continue to tailor our business and banking experience to people's unique needs in order to improve accessibility, break down barriers and grow the good in people's lives."
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $830 billion as of April 30, 2019, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group