September 14, 2011 / 3:43 PM / 7 years ago

UPDATE 1-Bank of Montreal says has no plans to up dividend

* Bank last raised payout in 2007

* Takes cautious approach with Basel III standards looming

* Rival Canadian banks have raised payouts


TORONTO, Sept 14 (Reuters) - Bank of Montreal (BMO.TO), the only Canadian bank that has yet to raise its shareholder dividend in the wake of the financial crisis, has no plans to raise the payout in the near term, the bank’s chief financial officer said on Wednesday.

Speaking at the Barclays Capital Global Financial Services Conference in New York, CFO Tom Flynn said the bank planned to be cautious in light of tighter bank capital standards that will be phased in over the next several years.

“We want to make progress against the Basel III standards before we increase the dividend,” he said.

Canada’s big banks managed to avoid dividend cuts during the financial crisis, but they put increases on hold.

After emerging in strong shape, all but BMO have resumed dividend hikes over the past few quarters.

The bank last raised its payout in August 2007.

$1=$0.99 Canadian Reporting by Cameron French; editing by Peter Galloway

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