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BMO names US exec Rahul Nalgirkar as finance chief, Tuzun to retire

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  Published in Business and Finance on Thursday, September 18th 2025 at 2:54 GMT by reuters.com
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BMO Appoints Rahul Nalgirkar as U.S. Finance Chief as Andrew Tuzun Prepares to Retire in 2025

Bank of Montreal (BMO) has confirmed the appointment of Rahul Nalgirkar as its new Chief Financial Officer (CFO) for the United States. The announcement, made on Friday, comes amid a broader strategic push to deepen the bank’s footprint in the U.S. market and to strengthen its financial controls in a highly regulated environment. Nalgirkar, a seasoned veteran of the U.S. banking sector, will succeed Andrew Tuzun, who is slated to retire at the end of 2025 after more than a decade of service to BMO’s U.S. operations.

Who is Rahul Nalgirkar?

Nalgirkar brings a wealth of experience from one of the largest U.S. financial institutions. Prior to joining BMO, he served as Chief Financial Officer of JPMorgan Chase’s U.S. Retail Banking division from 2019 to 2023, where he oversaw budgeting, capital planning, and risk management for a $500 billion portfolio. His background also includes stints at Bank of America and Citigroup, where he developed a reputation for navigating complex regulatory frameworks and implementing data‑driven financial strategies.

BMO’s CEO John G. Smith praised Nalgirkar’s track record, saying, “Rahul’s deep expertise in U.S. retail banking and his proven ability to align financial strategy with operational growth make him the ideal leader to steer BMO’s U.S. finance function during a pivotal period of expansion.” The appointment is seen as a signal of the bank’s ambition to double its U.S. assets over the next five years.

Andrew Tuzun’s Legacy and Planned Retirement

Andrew Tuzun has served as BMO’s U.S. CFO since 2016, steering the division through a period of significant growth, including the acquisition of BMO Harris Bank’s retail branch network in 2018. Under his leadership, the U.S. unit reported a 14 % increase in net income in 2023, outperforming peers in the region. Tuzun’s upcoming retirement is part of a broader succession plan that the bank has outlined in its latest annual report.

According to a BMO press release (link: https://www.bmo.com/about/press-releases/2025-09-17), Tuzun will remain on the board of directors for an additional year to facilitate a smooth transition. “We are grateful for Andrew’s stewardship,” the release stated. “His contributions have positioned BMO’s U.S. operations for sustained growth, and we are committed to honoring that legacy while moving forward under Rahul’s leadership.”

Strategic Context: BMO’s U.S. Expansion

BMO’s U.S. strategy centers on leveraging its Canadian banking strength to compete in a highly liquid market. Recent filings with the U.S. Securities and Exchange Commission (SEC) indicate that the bank plans to invest an additional $1.5 billion over the next three years in technology, digital banking, and small‑business lending. Nalgirkar’s role will be critical in aligning these investments with capital adequacy requirements and ensuring that risk appetite remains consistent across borders.

The appointment comes at a time when U.S. banks are tightening capital buffers in response to new Basel III rules. BMO’s leadership is keen on maintaining a Capital Adequacy Ratio (CAR) of at least 14 % for its U.S. subsidiary, a target that Nalgirkar is expected to meet by leveraging his experience with JPMorgan’s stress‑testing frameworks.

External Reactions and Market Impact

Market analysts have reacted positively to the leadership change. Morgan Stanley noted that “BMO’s new CFO will bring a strong risk‑management culture to its U.S. operations, a factor that could enhance investor confidence.” Meanwhile, Morningstar highlighted that the transition aligns with a broader trend of Canadian banks reinforcing U.S. leadership positions in anticipation of tighter regulatory scrutiny.

Financial media outlets have also covered the story, including a recent article on Bloomberg that detailed BMO’s “US Expansion Playbook” and the bank’s intention to double its U.S. retail branch network by 2030. Bloomberg’s coverage, linked in the Reuters article, underscores that the CFO appointment is part of a wider leadership reshuffle designed to support BMO’s “ambitious growth plan.”

What This Means for BMO’s Stakeholders

For shareholders, the move signals that BMO is serious about tapping into U.S. profitability while maintaining stringent governance. Investors will be watching Nalgirkar’s first quarterly report to gauge whether his financial stewardship translates into improved earnings and capital efficiency.

Employees, especially those in the U.S. retail banking arm, may anticipate new reporting lines and a shift in budgeting processes. BMO’s internal communications team has promised a series of town‑hall meetings to introduce Nalgirkar to staff and explain the strategic priorities for the next fiscal year.

Bottom Line

BMO’s appointment of Rahul Nalgirkar as CFO for the United States marks a decisive step in the bank’s quest to solidify its presence on the other side of the border. With Andrew Tuzun’s retirement slated for 2025, the transition represents a blend of continuity and fresh perspective. As BMO continues to navigate regulatory complexities and pursue aggressive growth, Nalgirkar’s seasoned expertise in U.S. retail banking will likely prove pivotal in steering the institution toward its long‑term goals.