BMO Bank of Montreal (TSX:BMO is assisting new Canadians with the introduction of its “Newcomers to Canada Program”, the bank said Wednesday.

The package of banking products and services includes free banking for the first year, a free small safety deposit box for one year, and a preferred GIC rate for those customers with saving and investment needs.

According to Citizenship and Immigration Canada, there were nearly 250,000 immigrants to Canada in 2008. In Toronto and Vancouver alone, there were approximately 87,000 and 37,500 immigrants, respectively.

“As Canada’s first bank, BMO has always made supporting newcomers a priority. We have a long and proud history of serving the financial needs of multicultural communities,” says Su McVey, vice president, customer communications & marketing, BMO Bank of Montreal.

“We are committed to helping make the transition for new Canadians as smooth as possible and believe the BMO Banking Package for Newcomers will assist with the everyday banking needs of new Canadians.”

BMO has spent more than 25 years assisting new immigrants with financial advisory services and is the only Canadian bank with branches in each of Beijing, Shanghai, Guangzhou and Hong Kong.

“At BMO, we understand moving to a new country may be stressful,” said Lily Capriotti, Vice-President, Greater Toronto Area Central District, BMO Bank of Montreal. “Our community branches are staffed with multi-lingual employees and we offer financial solutions created specially to help newcomers achieve their personal and financial dreams in Canada.”

Highlights of the Newcomers package include:

• free performance plan banking with unlimited transactions for the first year;

• free small safety deposit box (or 25% off larger sizes) for the first year

• a 0.50 per cent interest rate bonus on GIC’s of one to five years, Until Sept. 1, 2010; and

• no-fee cash back and no-fee Air Miles options on BMO MasterCard.

Newcomer customers can contact the bank at 1-877-CALL BMO; visit a local BMO branch or online at www.bmo.com/newtocanada.

Several Canadian banks offer similar services including Bank of Nova Scotia, CIBC and Royal Bank of Canada.

IE