Iqaluit (July 12/04) - Iqaluit residents are surprised over the Bank of Montreal's decision to close its doors in the capital city.

The bank has announced that on Nov. 5 the Iqaluit branch will be consolidated with the head office in Pembroke, Ont.

Betty Ann Eaton, a client at the bank, said it was a surprise to learn that the bank was closing. "I thought they were doing pretty well here," she said. "I thought they would stick around for a lot longer."

Saali Peter, another client, said he was disappointed with the bank's decision.

"I don't know how I will deal with the closure. It's very inconvenient at the least," he said.

Peter added that it's always difficult to see a business leave the community.

"Now there will only be two banks in town. Where's the competition?" he asked.

Doug Law, area manager for the Bank of Montreal, said it wasn't easy to decide to close the branch.

"Basically, there wasn't sufficient demand for our financial services," he said.

The branch has been in Iqaluit for 10 years.

Law couldn't comment on how many clients they had, but he said the branch has customers across the Baffin Region.

Law said they are trying to make the transition as smooth as possible by having meetings with their clients to talk about some options they have.