BMO: solid foothold in China
As Canada's oldest bank, Bank of Montreal (BMO), also known as BMO Financial Group, has developed into a highly diversified company that offers a broad range of personal, commercial, corporate and institutional financial services.
Since its establishment in 1817, it has grown into a global institution with 1,100 branches around the world and gained the honor of being known as a highly reputable bank with a strong focus on its clients.
While BMO retains its head office in Montreal, its headquarters were moved to First Canadian Place in Toronto, the country's financial capital.
Named by Maclean's magazine as one of Canada's "Top 100 Employers", the bank is growing from strength to strength and is gaining further recognition as a solid financial institution, both at home and abroad.
Since it first entered the Chinese market in the early 19th century, the bank has achieved success in China through strong relations with financial institutions here.
"BMO Financial Group has been building relationships in China, almost as long as our bank has been in business. We undertook our first foreign exchange transaction in support of trade with China in 1818," said BMO Financial Group President and CEO Bill Downe.
BMO's principal correspondent in China is Bank of China (BOC). It also acts as the clearing bank for BOC Canada, BOC's Canadian subsidiary
As a pioneer in the Chinese foreign exchange market, BMO has been ranked among the top 10 foreign banks in China for the past 10 years. With over 100 employees in China, BMO's commitment to the country's financial sector has grown significantly.
By providing trade finance, corporate lending, treasury products, foreign exchange, US dollar accounts and immigration banking to its global corporate base, BMO has accomplished a level of success in China that no other Canadian bank has achieved.
As the only Canadian bank with branches in Beijing, Hong Kong and Guangzhou, the bank's accomplishments across China are numerous.
BMO was the first Canadian bank in China to participate as a market maker in China's foreign exchange market, price and trade foreign exchange forwards and underwrite a domestic China bond in US dollars.
"As an established, respected financial institution in the People's Republic of China, we have established deep relationships with the Chinese government, financial institutions and corporations. This helps us provide our clients with insights into China's local market dynamics, local regulations, trade programs and current economic conditions, and most importantly - investment opportunities," Downe said.
Close ties with institutions in China's financial sector have led to prestigious achievements for BMO.
In November 2004, the bank was granted a license by the China Banking Regulatory Commission (CBRC) to sell derivative instruments in China.
Last year, BMO's investment banking arm was one of six financial institutions (and the only Canadian financial institution) to act as co-lead manager of BOC's IPO in the Hong Kong Special Administrative Region.
Last year, BMO's Beijing branch also became the first Canadian bank location to be granted permission to deal in renminbi transactions out of Beijing. In 2003, BMO became the first foreign company to acquire an interest in an established fund management firm in China.
www.bmo.com
(China Daily 11/13/2007 page27)