Montreal Trust Company

The Montreal Trust Company is a Canadian trust company that has existed since 1889. In 1967, Paul Desmarais acquired minority control of the company. The following year, he transferred his shares in the company to the Power Corporation of Canada, which in 1972 increased its share to a majority. In 1982, Montreal Trust formed a sister company called the Montreal Trust Company of Canada, and both companies were placed under a parent called Montreal Trustco Inc. In 1989, BCE acquired Montreal Trustco for $875 million. BCE ran the company at substantial loss for the next five years and sought a buyer in the summer of 1993. In the spring of 1994, the Bank of Nova Scotia acquired the company for $292 million, and since that time it has operated as a subsidiary.