TSX? If the dividend sequence is the basis, the
Bank of Montreal(TSX:BMO)(NYSE:BMO) deserves to wear the crown. The fourth-largest bank in Canada was established in 1817. Before the Bank of Canada’s formation in 1835, BMO was the concurrent central bank in the country.
Canada’s oldest incorporated bank started paying dividends in 1829. The dividend track record is now 192 years. BMO is also the first to expand outside the home country. The bank began operating through business associations with banks in Boston, New York, and London in 1818.
Rapid growth
BMO grew rapidly, particularly in the post-Confederation era when Canada’s foreign trade was booming. Its lending business then was skewed toward industrial, lumber, and railway companies. About 42 years later, in 1859, the first permanent BMO branch opened in New York. The branch in London, England, followed in 1870.
Young people opposed to the ruling class’ criminal mishandling of the pandemic must fight for the independent political mobilization of the working class to close all schools and nonessential businesses so as to halt the COVID-19 pandemic’s devastating third wave.
HSBC Bank Canada is also supporting relief organizations through its Global Disaster Relief Fund. Banks in Canada have a long history of donating to support domestic and international relief efforts and the pandemic is a crisis like no other. These donations will support on-the-ground humanitarian relief as the global community continues to fight against COVID-19.
Neil Parmenter, President and CEO, Canadian Bankers Association
Canadians who wish to support international relief efforts can donate directly to organizations providing on-the-ground support such as UNICEF Canada, the Canadian Red Cross and the WHO Foundation.
The COVID–19 outbreak remains the most serious crisis Canada – and the world – have faced in recent memory. Banks continue to step up to help our country and the international community work through these challenging times. More information about Canadian bank announcements to support the response to the pandemic can be found at cba.ca/standing
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Canadian homeowners have
increased their additional mortgage payments during the pandemic, taking advantage of savings built up during the lockdowns to pay down their home loans.
A total of $34-billion of additional or unscheduled mortgage payments were made last year, compared with $31-billion in 2019, according to a new report from Canada Mortgage and Housing Corp.
“We were seeing very clearly that households were saving more,” said Tania Bourassa-Ochoa, a senior housing researcher with CMHC.