SHANGHAI,
June 18, 2008 – BMO Financial Group, Canada’s
leading bank in China, celebrated the grand opening of its Shanghai
Branch on June 19th. The branch, which commenced operations on May
13th, will provide North American and Chinese clients with a wide
range of products, including trade finance, corporate financing,
treasury products, term deposits, foreign exchange and US$ accounts.
In addition, the branch will assist Chinese nationals seeking to
immigrate to Canada with advice and immigration banking services.
BMO’s Shanghai branch combines the expertise of on-the-ground
advisers, who have a deep understanding of local legal and regulatory
structures, and the strength of BMO’s professional teams in
North America.
“With branches in Beijing, Guangzhou, Hong Kong and now Shanghai,
BMO is exceptionally well-positioned to help Chinese corporate and institutional
clients and North American businesses do business in China,” said
Bill Downe, Chief Executive of BMO Financial Group. “Upgrading
from a Representative Office to full Branch status gives BMO broader
geographic coverage in China and will allow us to better serve clients
investing in the bustling Yangtze River Delta region, which is home to
over 90 million people and is the largest recipient of North American
direct investment in China.
“
BMO’s ties with China go back to 1818 – the year after
our founding – when we undertook our first foreign exchange transaction
in support of trade with China, added Mr. Downe. “For my entire
working life, China has been a most important destination for presidents
of BMO.”
“In the 1920s, BMO sent an officer on a long sea trip to China.
Upon seeing the prosperity, he recommended that we open a branch here.
Unfortunately, the Great Depression and other historical events got in
the way. Today, our dream has come true,” said Bob Martin, BMO’s
Regional Executive - Asia, who has lived in Asia for almost 30 years. “Today,
the full range of BMO’s capabilities in China is extraordinary
and our team represents the very best in commitment from a foreign bank
that you will ever find in China.”
Commenting on BMO’s 28 per cent equity interest in Shanghai-based
Fullgoal Fund Management Co., Mr. Downe said, “Wealth management
is an important plank in BMO’s China strategy and, as per capita
income grows, Fullgoal will grow too and will be there to help Chinese
investors save and plan for the future.”
BMO Accomplishments in China:
- In November
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 March
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 July 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 August
2005, Fullgoal received a license to manage corporate pension plan
assets in China.
Only three other foreign financial institution
joint ventures received licenses.
- In June
2006, BMO's investment banking arm was one of six financial institutions,
and the
only Canadian financial institution, to act as
co-lead Manager of Bank of China's IPO in Hong Kong.
- In July 2006, BMO’s
Beijing branch became the first Canadian bank location to be granted
permission to deal in RMB transactions out
of Beijing.
- In February
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 we have 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
- 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.
- 30 - |
