BMO is owned by Banco Metropolitano, a Mexican holding company that acquired it in 2023

BMO Bank (formerly BMO Harris Bank) is owned by Banco Metropolitano, S.A., a Mexico City–based financial institution. Banco Metropolitano completed its acquisition of BMO in 2023, taking full ownership of the U.S. bank and its operations. Before that acquisition, BMO was owned by BMO Financial Group, a Canadian parent company headquartered in Toronto.

The shift in ownership changed who makes decisions about BMO's operations, but it did not change how your account works or what protections cover your deposits. Your money remains insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account category, regardless of who owns the bank.

Key Takeaways

  • Banco Metropolitano, a Mexican bank holding company, has owned BMO since 2023 after acquiring it from BMO Financial Group of Canada.
  • Ownership change does not affect FDIC deposit insurance, which still protects your money up to $250,000 per account type.
  • BMO continues to operate as a separate U.S. bank with its own charter and regulatory oversight from the Office of the Comptroller of the Currency.
  • Your account access, routing numbers, and online banking remain unchanged after the ownership transition.

What changed when Banco Metropolitano took over

When Banco Metropolitano acquired BMO in 2023, the bank's day-to-day operations for customers stayed the same. You still log in the same way, your account number did not change, and your debit card works as it did before. The change affected who owns the shares and who sits on the board of directors—not the services you use.

Banco Metropolitano is now responsible for setting BMO's strategic direction, approving major decisions, and ensuring the bank meets regulatory requirements. However, BMO operates as a separate legal entity with its own U.S. banking charter. It is regulated by the Office of the Comptroller of the Currency (OCC), the same federal regulator that oversaw it before the acquisition.

How FDIC insurance works under the new ownership

Your deposits at BMO are insured by the FDIC, and that protection did not change when Banco Metropolitano took over. The FDIC insures deposits up to $250,000 per depositor, per insured bank, per ownership category. This means if you have a checking account at BMO in your name alone, that account is covered up to $250,000. If you have a joint account with someone else, that account is covered up to $250,000 as well—and it is counted separately from your individual account.

The FDIC's insurance is backed by the U.S. government and does not depend on who owns the bank. Whether BMO was owned by BMO Financial Group, Banco Metropolitano, or any other parent company, your money is protected the same way.

Why Banco Metropolitano bought BMO

Banco Metropolitano acquired BMO to expand its presence in the United States and gain access to BMO's customer base, branch network, and established operations. BMO had been operating in the U.S. for decades and had built a significant retail and commercial banking business. For Banco Metropolitano, buying an already-functioning U.S. bank was faster than building one from scratch.

The acquisition also gave Banco Metropolitano a platform to serve customers across North America. Banco Metropolitano is one of Mexico's largest banks, and owning a U.S. bank allows it to serve Mexican businesses and individuals who operate on both sides of the border.

How BMO's regulatory oversight works

BMO remains chartered as a U.S. national bank and is regulated by the Office of the Comptroller of the Currency (OCC). The OCC examines BMO's financial health, compliance with banking laws, and consumer protection practices on a regular basis. This oversight does not change based on who owns the bank—the OCC regulates BMO itself, not Banco Metropolitano.

In addition to OCC oversight, BMO is also subject to the Federal Reserve's rules and the Consumer Financial Protection Bureau's (CFPB) authority over consumer banking practices. These regulators ensure that BMO follows the same rules as any other U.S. bank, regardless of its parent company's location.

What to do if you have questions about your account

If you have concerns about your BMO account, your first step is to contact BMO directly through its customer service line or visit a branch. BMO's customer service team can answer questions about your account, explain any changes to services, or help you resolve a problem. You can also file a complaint with the CFPB if you believe BMO has treated you unfairly or violated consumer protection rules.

If you are worried about the safety of your deposits, you can verify your FDIC coverage using the FDIC's Electronic Deposit Insurance Estimator (EDIE), available on the FDIC website. EDIE lets you enter your account details and see exactly how much of your money is insured.

Frequently Asked Questions

Does the ownership change mean BMO will close or move?

No. Banco Metropolitano acquired BMO to keep it operating as a U.S. bank, not to shut it down or relocate it. BMO continues to operate branches, offer online banking, and serve customers as it did before the acquisition.

Will my account fees or interest rates change because of the new owner?

Ownership change alone does not automatically change fees or rates. However, any bank can change its pricing at any time for business reasons. BMO will notify you before making changes to your account terms, as required by banking regulations.

Is my money still safe at BMO after Banco Metropolitano took over?

Yes. Your deposits are insured by the FDIC up to $250,000 per account category, and that protection is backed by the U.S. government. The identity of the bank's owner does not affect FDIC insurance coverage.

Can I still use my BMO debit card and online banking?

Yes. Your debit card, online banking login, and account access remain unchanged. Banco Metropolitano's acquisition did not alter how you access or use your account.

Who do I contact if I have a problem with my BMO account?

Contact BMO's customer service through its website, phone line, or a local branch. If BMO does not resolve your issue, you can file a complaint with the Consumer Financial Protection Bureau (CFPB) or the Office of the Comptroller of the Currency (OCC).