Significant Subsidiaries

12 Months Ended

Oct. 31, 2021

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Significant Subsidiaries

Note 26: Significant Subsidiaries

As at October 31, 2021, the bank, either directly or indirectly through its subsidiaries, controls the following significant operating subsidiaries.

Significant subsidiaries (1)(2)	Head or principal office		Book value of shares owned by the bank (Canadian $ in millions)
Bank of Montreal (China) Co. Ltd.		Beijing, China		411
Bank of Montreal Europe plc		Dublin, Ireland		1,001
Bank of Montreal Holding Inc. and subsidiaries, including:		Toronto, Canada		35,384
Bank of Montreal Mortgage Corporation		Calgary, Canada
BMO Mortgage Corp.		Vancouver, Canada
BMO Investments Limited		Hamilton, Bermuda
BMO Reinsurance Limited		St. Michael, Barbados
BMO Nesbitt Burns Holdings Corporation		Toronto, Canada
BMO Nesbitt Burns Inc.		Toronto, Canada
BMO Investments Inc.		Toronto, Canada
BMO InvestorLine Inc.		Toronto, Canada
BMO Capital Markets Limited		London, England		310
BMO Financial Corp. and subsidiaries, including:		Chicago, United States		26,775
BMO Asset Management Corp. and subsidiaries		Chicago, United States
BMO Capital Markets Corp.		New York, United States
BMO Family Office, LLC		Palo Alto, United States
BMO Harris Bank National Association and subsidiaries, including:		Chicago, United States
BMO Harris Investment Company LLC		Chicago, United States
BMO Harris Financing, Inc. and subsidiaries		Chicago, United States
BMO Global Asset Management (Asia) Limited (3)		Hong Kong, China
BMO Global Asset Management (Europe) Limited and subsidiaries (3), including:		London, England		395
BMO Asset Management (Holdings) plc and subsidiaries (3)		London, England
BMO Life Insurance Company and subsidiaries, including:		Toronto, Canada		1,369
BMO Life Holdings (Canada), ULC		Halifax, Canada
BMO Life Assurance Company		Toronto, Canada
BMO Trust Company		Toronto, Canada		589
LGM Investments Limited (3)		London, England		39
Pyrford International Limited (3)		London, England		73

(1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for BMO Financial Corp., BMO Asset Management Corp., BMO Capital Markets Corp., BMO Harris Financing, Inc., and BMO Family Office, LLC, which are incorporated under the laws of the state of Delaware, United States. BMO Asset Management (Holdings) plc is incorporated under the laws of Scotland. BMO Harris Investment Company LLC is organized under the laws of the state of Nevada, United States.

(2) Unless otherwise noted, the bank, either directly or indirectly through its subsidiaries, owns 100% of the outstanding voting shares of each subsidiary.

(3) These subsidiaries are part of the sale of our EMEA asset management business which was completed on November 8, 2021. Refer to Note 10 for further information.

Significant Restrictions

Our ability to transfer funds between our subsidiaries may be restricted by statutory, contractual, capital and regulatory requirements. Restrictions include:

• Assets pledged as security for various liabilities we incur. Refer to Note 24 for details.

• Assets of our consolidated structured entities that are held for the benefit of the note holders. Refer to Note 7 for details.

• Assets held by our insurance subsidiaries. Refer to Note 12 for details.

• Regulatory and statutory requirements that reflect capital and liquidity requirements.

• Funds required to be held with central banks. Refer to Note 2 for details.