BMO sees more cost savings from M&I takeover

Bank of Montreal (BMO-T) expects cost savings of more than $400 million from its 2011 acquisition of Wisconsin lender Marshall & Ilsley, higher than previous estimates, the bank said in an investor presentation on Tuesday.

BMO, Canada's No. 4 bank, doubled the branch count of its U.S. Harris Bank unit with the $4.1-billion purchase last year. It unveiled the new cost savings estimate in an investor presentation in Chicago.

BMO had previously said it expected synergies of more than $300 million. The bank also reiterated its medium-term goal of profit of more than $1 billion from its U.S. retail and wealth business.