BMO Harris Private Banking, a Canadian firm based in the north-eastern region of Newfoundland, has opened its newly expanded office in the town of St John's in the province.

Patrick Murphy, a senior private banker, leads a five-person team offering a wealth management service to affluent Newfoundlanders and Labradorians.

Ryan McNally, vice president and managing director for BMO Harris Private Banking in Atlantic Canada, said: "Our clients seek an integrated set of banking, investment management, estate and trust services that can also include financial planning and other specialty services, like philanthropic advisory, and succession planning."

"Underlying economic trends in Newfoundland and Labrador remain healthy, with expected GDP growth of 1.3 per cent in 2008 and 1 per cent in 2009. As well the local housing market is feverish, with existing home prices in St John's up 26 per cent year-to-year in October, the biggest increase in Canada," Mr McNally said. 

BMO Harris Private Banking is modelled on the long-established private banking business of Harris Bank, BMO's Chicago-based US subsidiary.