BMO announced on October 29, 2025, that it will lower its US dollar prime lending rate from 7.25 percent to 7.00 percent. The new rate will take effect on October 30, 2025.
The decision was shared from the bank's Chicago office and reflects a change in BMO’s lending practices for customers borrowing in U.S. dollars.
BMO Financial Group is one of the largest banks in North America by assets, with $1.4 trillion as of July 31, 2025. The institution provides a variety of banking and financial services to approximately 13 million customers across Canada, the United States, and select international markets. BMO has been operating for over two centuries.
According to the company, "BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally." The bank describes its purpose as being "committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society."