BMO’s CEO Discusses Importance of California as Market Amidst Expansion and Challenges for Canadian Banks

Bank of Montreal held its annual meeting, where CEO Darryl White discussed the bank’s strong growth in the US economy and emphasized the importance of California as a market. The bank has expanded rapidly in the United States and is well positioned to serve clients in both American and Canadian economies amidst a changing global landscape.

White also highlighted the significance of trade and investment between Canada and the US, which he noted is one of the largest bilateral trade relationships globally. He underscored the economic impact of the relationship between the Great Lakes region and California, emphasizing their North-South partnership.

Despite this growth, White acknowledged that Canadian banks face challenges in expanding beyond their domestic market, including a high-interest rate environment and weakening demand. He cautioned that when interest rates eventually decrease, it may result in a “new normal” characterized by different conditions than seen in the past two decades.