Bank of Montréal

The Bank of Montréal is the 37th biggest bank in the world. Tied to British rule, it has operated since the 1800s and expanded into the Caribbean and Africa during the 1900s. According to Canadian Banks and Global Competitiveness, “in 1920, a substantial interest in the Colonial Bank was purchased [by the Bank of Montréal] to fill out the branch network and to provide representation in the West Indies and West Africa.”

The Bank of Montréal was also active in Mexico during the 20th century. In the lead up to the 1910-17 Mexican Revolution, the Bank of Montréal controlled half of all foreign exchange dealings in Mexico City and had close ties to Mexican dictator Porfirio Diaz. In History of Canadian Business, McGill economics professor R.T. Naylor wrote that in 1908, the general manager of the Bank of Montréal “returned from a reconnaissance mission to Mexico and announced that he was ‘particularly struck with the stability of the present Mexican government and the powerful character of the ministry.’” The general manager even argued that investing in Mexico was safer than Canada where there were growing calls for publicly owned utilities. During the Mexican Revolution, Bank of Montréal (as well as CIBC and the Canadian-owned Monterey Tramways, Light and Power Company) asked Washington to help protect its interests in Mexico.