May 21, 2013 / 3:48 PM / 6 years ago

Bank of Montreal says U.S. ambassador to become vice-chairman

U.S. Ambassador to Canada David Jacobson takes part in a news conference with Canada's Immigration Minister Jason Kenney (not pictured) on Parliament Hill in Ottawa December 13, 2012. REUTERS/Chris Wattie

TORONTO (Reuters) - U.S. Ambassador to Canada David Jacobson will join Bank of Montreal (BMO.TO) as vice-chairman after he leaves his diplomatic post and will work in the bank’s U.S. division, BMO said on Tuesday.

BMO, Canada’s fourth-largest bank, said Jacobson will join the bank in October. Jacobson, who became U.S. ambassador in Ottawa in 2009, will step down in July, the U.S. Embassy said.

BMO’s Chicago-based U.S. division, called BMO Harris Bank, operates more than 600 branches in the Midwest.

In a statement, BMO said Jacobson will be based in Chicago and will be responsible for “reinforcing key customer relationships and business development”. He will report to BMO Chief Executive Bill Downe.

BMO launched its U.S. operation with the acquisition of Harris Bank in 1984. In 2011, BMO bought Wisconsin lender Marshall & Illsley, approximately doubling its U.S. presence.

BMO will release results for the fiscal second quarter on May 29.

Reporting By Cameron French; Editing by Peter Galloway

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