TORONTO, April 23,
2024 /CNW/ - Bank of Montreal (the "Bank") (TSX: BMO)(NYSE: BMO)
today announced its intention to redeem all of its 20,000,000
outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred
Shares, Series 27 (Non-Viability Contingent Capital (NVCC)) (the
"Preferred Shares Series 27") for an aggregate total of
$500 million on May 25, 2024. The redemption has been approved by
the Office of the Superintendent of Financial Institutions.
The Preferred Shares Series 27 are redeemable at the Bank's
option on May 25, 2024 (the
"Redemption Date") at a redemption price of $25.00 per share. Payment of the redemption price
will be made by the Bank on May 27,
2024, the first business day following the Redemption
Date.
Separately from the payment of the redemption price, the final
quarterly dividend of $0.24075 per
share for the Preferred Shares Series 27 announced by the Bank on
February 27, 2024 will be paid in the
usual manner on May 27, 2024, to
shareholders of record on April 29,
2024.
Notice will be delivered to holders of the Preferred Shares
Series 27 in accordance with the terms thereof.
About BMO Financial Group
BMO Financial Group is the eighth largest bank in North
America by assets, with total assets of $1.3
trillion as of January 31, 2024. Serving customers for
200 years and counting, BMO is a diverse team of highly engaged
employees providing a broad range of personal and commercial
banking, wealth management, global markets and investment banking
products and services to over 13 million customers
across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life,
BMO is committed to driving positive change in the world, and
making progress for a thriving economy, sustainable future, and
inclusive society.
Internet: www.bmo.com X: @BMOMedia
SOURCE BMO Financial Group