The Bank of Montreal last week announced it had acquired the online client
accounts of Morgan Stanley Individual Investor Group.
The purchased accounts, which costs over $106 million, will be integrated
into the bank's US direct investing business, Harrisdirect, bringing its
total to some 700,000 active accounts.

Tony Comper, the bank's chairman and CEO, said the bank would pursue a
strategy of selective expansion in the US. He also described the acquired
client base as "an excellent strategic fit" to the bank's direct investment
business.

Harrisdirect's current platform offers clients a range of investment and
research options. The bank's newly acquired customer base will also gain
access to its wealth management solutions and private banking services.

This latest move extends Bank of Montreal's acquisition trail, particularly
in the online banking and brokerage sectors. In November 2001, the bank
purchased CSFBdirect, the online brokerage, from Credit Suisse First Boston.


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