| BMO
Financial Group Expands Its Offering in China
BMO is the First Canadian Bank to Offer Fixed Term Deposit Product for
Clients in China
BEIJING,
June 20, 2008 – BMO Financial Group has expanded
its services in China with the launch of a new retail fixed-term
deposit product. The announcement was made today by Bill Downe, President
and CEO, BMO Financial Group, who was in Beijing to call upon the
Mayor of Beijing, His Excellency Mr. Guo Jinlong, Chinese bank clients,
and to host a reception at the B.C. Canada Pavilion.
“As the first Canadian bank to receive a license for a full-service
branch in Beijing in 1996, we are pleased to offer another first for
our clients in China,” said Mr. Downe. “Our new investment
product can help provide clients with predictable returns and security.”
Highlights of BMO’s
new money market product include:
- A fixed term for a
maximum of two years, providing clients an attractive way to diversify
their investments;
- Availablility to Chinese citizens and expatriates in Canadian, US and
Hong Kong currencies;
- Minimum deposit of $50,000 (Cdn/US) or $400,000 (HK).
With added deposit taking
capacity, BMO is now able to better serve prospective clients who are
considering immigrating to Canada. “Immigrants
can benefit from building their connections with Canada’s first
and oldest bank, especially in the early stages of their immigration
application. And we are better positioned to help Chinese overseas students
gain certificate of funds that are required for a Canadian visa,” said
Mr. Downe.
Today’s announcement by Mr. Downe, who is a member of the International
Business Leaders’ Advisory Council for the Mayor of Beijing (IBLAC),
was made during a reception at the B.C. Canada Pavilion. Also attending
was Roger Heng, Managing Director and General Manager, Beijing Branch,
Bank of Montreal, and a recipient of the Great Wall Friendship Award
in recognition of significant contributions to the development of Beijing.
“BMO is proud to be a sponsor of the Pavilion and congratulates
the Province of British Columbia and the Government of Canada for all
its hard work,” said Mr. Heng. “The opening of the Pavilion
in May 2008 has been a great opportunity to promote trade and investment
between China and Canada and enhance our friendly relationship.”
Earlier in the week, Mr. Downe
attended the official opening of BMO’s
Shanghai branch - the bank’s fourth branch in China. BMO also has
branches in Beijing, Guangzhou and Hong Kong.
BMO Accomplishments in China:
- In 2001,
BMO commenced negotiations to obtain an equity interest in Fullgoal
Fund Management Co., one of China’s leading funds management
companies. BMO’s equity interest in Fullgoal is 28 per cent.
- In 2004,
BMO became the first Canadian bank to be granted a license by the
China Banking
Regulatory Commission to sell derivative
instruments in China.
- In 2005,
BMO was the only Canadian bank selected as a marketmaker for foreign
exchange trading
in China through the interbank China Foreign
Exchange Trade System (CFETS).
- In 2005, BMO’s
Guangzhou branch became the first Canadian bank location to be granted
a license to provide RMB local currency service
such as deposits and loans to both foreign and local companies in China,
providing greater access to financial services in the country.
- In 2005,
Fullgoal received a license to manage corporate pension plan assets
in China.
Only three other foreign financial institution
joint ventures received licenses.
- In 2006,
BMO's investment banking arm was one of six financial institutions,
and the only Canadian
financial institutions, to act as
co-lead Manager of Bank of China's IPO in Hong Kong.
- In 2006, BMO’s
Beijing branch became the first Canadian bank location to be granted
permission to deal in RMB transactions out
of Beijing.
- In 2008,
the China Foreign Exchange Trading System recognized BMO as the #1
foreign exchange
Bank in the Guangzhou region. This is
the seventh year that BMO has earned this distinction.
- BMO is
also:
-
The first Canadian bank and one of a handful of foreign banks to participate
as a marketmaker in China’s foreign exchange market starting
in 2002.
- The first Canadian bank in China to price and trade foreign exchange
forwards.
- The first Canadian bank to underwrite a domestic China bond in US Dollars.
- The first Canadian and first foreign bank to enter into arrangements
with EBS in China.
- A pioneer in the Chinese foreign exchange market that has consistently
ranked among the top 10 banks in China (domestic and foreign) for
the past 10 years.
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