(Reuters) - Bank of Montreal plans to build on its 2011 acquisition of Wisconsin lender Marshall & Ilsley in five key markets in the U.S. Midwest, and said the 2011 acquisition will yield more cost savings than previously thought.
Speaking at an investor presentation in Chicago, bank officials said the $4.1 billion deal should yield savings of more than $400 million. Previously the bank said savings would top $300 million.
BMO, which doubled the branch count of its U.S. Harris Bank unit with the acquisition, also reiterated its medium-term goal of profit of more than $1 billion from its U.S. retail and wealth business.
"That's about a fivefold increase from 2010," BMO Chief Executive Bill Downe told the audience.
Canada's big banks are not permitted to merge with each other and so have looked to international markets to find growth. BMO and Toronto-Dominion Bank
With the M&I deal, BMO now has 663 U.S. branches and is the No. 3 bank in the U.S. Midwest by branch count, trailing U.S. Bancorp
The bank is targeting growth in Chicago, Indianapolis, Minneapolis, St. Louis and Kansas City, through both organic growth and acquisitions, according to the presentation.
BMO, Canada's No. 4 bank by assets, has about 900 branches in its home country. The bank's shares were up 18 Canadian cents at C$54.90 in late-morning trade on the Toronto Stock Exchange.
(Reporting By Cameron French; editing by John Wallace)
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