Bank of Montreal and Symcor Expand Outsourcing Agreement

Bank of Montreal (BMO) and Symcor Inc. have agreed to expand the scope of their existing master services outsourcing agreement by entering into a further six-year agreement, effective June 30, 2004, for the provision by Symcor of item processing services for BMO’s automated bank machines. Symcor’s item processing services will include verification and balancing of ABM envelope contents against customer input, as well as balancing and remitting cheques and payments using its sophisticated image-based system. The value of the transaction was not disclosed.

BMO was represented on the transaction by Peter Tate, vice-president, support services PCCG, and Pat Crowley, manager compliance. Legal negotiations on its behalf were conducted by Jolyn Maitman, senior counsel, and Anneli LeGault of Fraser Milner Casgrain on employment matters.

Symcor was represented by Dennis Maloney, chief operating officer, Norma Mayer, senior vice- president, marketing and business development, Ray Hill, director, relationship management, and Jim Mckinlay, vice-president, total compensation & HR management systems, and Mary Abarrota, project manager – HR management systems. Legal negotiations on Symcor’s behalf were conducted in-house by Gary Eisen, senior vice-president, general counsel & secretary, and Richard Verdec, senior counsel, together with Daniel Logan of Osler, Hoskin & Harcourt on commercial outsourcing and information technology matters, and Julie Thibault and Lorna Cuthbert of Stikeman Elliott on pension and employment matters.