Bank of Montreal has launched a new private wealth group under BMO Harris Private Banking in Canada that caters to families with at least C$25 million ($24.31 million ) in net worth, the Wall Street Journal reports.

Diana Reid will head the group and BMO has also appointed regional directors for the group in Vancouver, Calgary, Toronto and Montreal. "This is just taking our business to the next level," Reid told the Wall Street Journal.

The private wealth group will target families in Canada who are business owners and is a counterpart of the so-called My Comprehensive Family Office of BMO's private banking operations in the US, according to the news service.

BMO could not immediately be reached for comment.

Its competition in Canada includes Citigroup's private bank, UBS Wealth Management Canada and Royal Bank of Canada.

BMO joins the ranks of North American banks targeting the ultra high net worth and $25 million appears to be the sweet spot. In the US, US Bancorp plans to launch a high net worth wealth management unit for clients with more than $25 million in investable assets.