- Report marks Canada's first
National Day for Truth and Reconciliation
- Highlights BMO's focus on advancing Indigenous interests and
economic development
- Demonstrates the contributions made by BMO's Indigenous
Advisory Council and the bank's progress
TORONTO, Sept. 27, 2021 /CNW/ - Today BMO launched
Wîcihitowin ᐑᒋᐦᐃᑐᐏᐣ (pronounced:
wee-chih-hito-win), its first Indigenous Partnerships and
Progress Report, reaffirming its commitment to Indigenous peoples
across three key pillars that reflect its response to the Truth
& Reconciliation Commission's call to action for corporate
Canada: Education, Employment, and
Economic Empowerment. Wîcihitowin ᐑᒋᐦᐃᑐᐏᐣ, a Nehiyawewin/Cree
term meaning "helping and supporting each other", reviews the scope
of BMO's engagement with Indigenous communities through the lens of
compelling stories from Indigenous customers, employees and
community leaders that illustrate societal and economic barriers
while also highlighting the many opportunities that exist on the
path to reconciliation.
"Today, we are honoured to share
Wîcihitowin ᐑᒋᐦᐃᑐᐏᐣ, BMO's first annual Indigenous
Partnerships and Progress Report. Reflecting our Purpose, to Boldly
Grow the Good in business and life, this report illustrates
the progress we're making toward our commitment to zero barriers to
inclusion – within Indigenous communities and across Canada. Throughout its pages we recognize and
celebrate the resilience, innovation and achievements of Indigenous
peoples, including many of our customers and employees. As we mark
this first National Day for Truth and Reconciliation, we are
committed to living our values, building trust, accelerating
progress and continuing the work of reconciliation," said
Darryl White, CEO, BMO Financial
Group.
Education, Employment and Economic Empowerment: Highlights
from the Report
- In June, BMO partnered with First Nations University of
Canada, to provide an online
education course, Nisitohtamowin ᓂᓯᑐᐦᑕᒧᐃᐧᐣ, free to all Canadians
during National Indigenous Peoples Month. An introduction to
understanding Canada's history
through Indigenous perspectives, the site was accessed over 20,000
times and was also completed by over 80 per cent of BMO employees
in Canada, for a total of 45,000
participants in the course.
- In 2021, BMO doubled its hiring of Indigenous peoples,
increasing Indigenous representation from 1.1 per cent to 1.35 per
cent towards its 1.6 percent representation goal. To support career
advancement, the bank's Career Pathways program provides tailored
support to Indigenous employees
- BMO has a strong and growing presence in 250 communities
nationwide. In the past year, the bank experienced 44 per cent
year-over-year growth of its Indigenous banking portfolio, with a
total value of $6.5 billion – well on
its way to achieving its stated goal of reaching $8 billion by 2025
- In support of Indigenous businesses, BMO is increasing the
level of procurement of goods and services from Indigenous partners
– committed to spending $10 million
annually with Indigenous-owned businesses by 2023
- BMO's commitment to mobilize $300
billion in sustainable financing by 2025 includes lending to
Indigenous businesses and communities in the structuring of our
Sustainable Bond program. In 2020, 8 per cent of the proceeds of
BMO's first sustainability bond were allocated to Indigenous
people, bands, councils, governments and majority-owned
businesses
- For advancing Indigenous interests and economic development,
this year BMO received Gold Certification in Progressive Aboriginal
Relations (PAR), a program administered by the Canadian Council for
Aboriginal Business.
BMO has long served Indigenous communities across Canada through its Indigenous Banking Unit.
Through its network of branches and business banking offices, both
on and off reserve, the bank offers financial education programs
for Indigenous young people and elders and accessible financial
products and services, including housing and renovation financing,
trust services, investment management solutions and long-term
financing for on-reserve infrastructure and economic
development.
"For decades, BMO has been a leader in providing banking
services to Indigenous communities nationwide, and we're committed
to deepening those partnerships, which have been built on trust and
mutual respect," said Mike Bonner,
Head, Canadian Business Banking and Co-Chair, Indigenous Advisory
Council. "Wîcihitowin ᐑᒋᐦᐃᑐᐏᐣ highlights the work we are doing
in partnership with Indigenous communities and BMO's Indigenous
Advisory Council in a number of key areas. From unique customer
programs that improve access to financial products and services, to
increasing representation of Indigenous peoples across our
workforce in Canada, to important
strides in employee education, community outreach and our
procurement policies, we continue to take action toward creating an
inclusive society that supports the progress of Indigenous peoples
in Canada."
On September 30, along with the
rest of Canada, BMO and its
employees will observe the National Day for Truth and
Reconciliation as an occasion to reflect on our shared history and
its impacts and reaffirm our commitment to Truth and
Reconciliation. Click here to view the full
Report.
To listen to a podcast about understanding the National Day for
Truth and Reconciliation, click here.
About BMO Financial Group
Serving customers for 200
years and counting, BMO is a highly diversified financial services
provider - the 8th largest bank, by assets, in North America. With total assets of
$971 billion as of July 31, 2021, and a team of diverse and highly
engaged employees, BMO provides a broad range of personal and
commercial banking, wealth management and investment banking
products and services to more than 12 million customers and
conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital
Markets.
SOURCE BMO Financial Group