BMO’s Aim to Double Indigenous Lending Relies on Old-Style Banking
- Bankers drive Ford pickup trucks to remote communities
- Bank of Montreal hasn’t had any write-offs on indigenous loans
This article is for subscribers only.
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 C$4.4 billion ($3.4 billion) book of indigenous commercial loans, deposits and investments by 2025.