BMO's aim to double indigenous lending relies on old-style banking [Business News Network (BNN) Energy & Resources (Canada)]
Bank Of Montreal (BMO)
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Source: Business News Network
BMO's aim to double indigenous lending relies on old-style banking A team of Bank of Montreal commercial bankers have traded their suits and ties for Ford F-150 pickups to reach Canada’s remote regions and build up a part of their business that has yet to see a bad loan. Indigenous banking is one area Chief Executive Officer Darryl White targeted in June when he vowed increased support for small-business lending and sustainable finance, as well as inclusiveness and diversity. The Toronto-based bank plans to double the size of its $4.4 billion book of indigenous commercial loans, deposits and investments by 2025. “We should actually exceed that by a bit,” Stephen Fay, head of indigenous banking, said in an interview at his Toronto office. “I’m confident we can do it just by doing what we’ve done in the past.” Fay thinks he can beat his boss’s target even as he faces competition to reach the indigenous population, Canada’s fastest-growing group, from rivals including Royal Bank of Canad
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