BMO Financial Group has become the first Canadian bank to be granted approval to provide Renminbi (RMB – local currency in China), service in China's capital city of Beijing. Issued by the China Banking Regulatory Commission (CBRC), this approval enables BMO's branch office in Beijing to offer a wide range of banking services such as deposits, loans, trade finance and other capital markets products to all corporations using RMB. BMO is the only Canadian Bank that has full corporate RMB capability for both foreign and domestic corporations.
Previously, BMO Beijing could only provide these services in foreign currencies. BMO's branch in Guangzhou began offering RMB services in 2005.
“For many years now, I have enjoyed the privilege of serving on the International Business Leaders Advisory Council of the Mayor of Beijing, which has provided BMO with a very unique perspective on China's enormous potential,” said Tony Comper, President and Chief Executive Officer, BMO Financial Group. “Securing this Renminbi capability for our Beijing branch office is yet another sign of our ongoing commitment to translate the liberalization of China's financial markets into tangible products and services for our global clients.”
“Our clients need access to China's local currency to enable them to share in the economic boom that is unfolding there and this approval gives BMO the right capabilities to help ensure that they succeed,” said Yvan Bourdeau, Chief Executive Officer, BMO Capital Markets. “We are confident that our RMB capability will further enhance our customer relationships and make BMO a more valuable business partner.”
BMO has had a long presence in Beijing, opening its first office in 1982. BMO became the first Canadian company to hold a board meeting in China when it met in Beijing in 1997.
BMO is one of the most entrenched Canadian financial institutions in China, with branches in Beijing, Guangzhou and Hong Kong, and a representative office in Shanghai. BMO's long history in China dates back to the early 1800s when it completed its first foreign exchange transaction, helping the United States finance its growing trade with China. Today, BMO's deep commitment to China is reinforced by the many recent designations it has been awarded by various key organizations in the country.
� In June, 2006, BMO's investment banking arm was one of six and the only Canadian Co-lead Manager of Bank of China's IPO in Hong Kong.
� In March, 2005, BMO was the only Canadian bank selected to work alongside the Bank of China, the CITIC Industrial Bank, the Industrial & Commercial Bank of China and six other international banks as a marketmaker for foreign exchange trading in China. Through the interbank China Foreign Exchange Trade System (CFETS), BMO will help lay the groundwork for trade and quote prices of eight so-called currency pairs, including dollar-sterling and euro-yen.
� In November, 2004, BMO became the first Canadian bank to be granted a license by the China Banking Regulatory Commission (CBRC) to sell derivative instruments in China.
� In May, 2003, BMO received approval from the China Securities Regulatory Commission to acquire an interest in Fullgoal Fund Management Company Ltd., positioning BMO as the first foreign company to acquire an interest in an established fund management firm in China. BMO subsequently increased its stake in Fullgoal to 28 per cent from 17 per cent.
BMO is also:
- The first Canadian bank in China to price and trade FX forwards;
- 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.
Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified North American financial services organization. With total assets of more than $312 billion as at April 30, 2006, and more than 34,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and solutions. BMO Financial Group serves clients across Canada through its Canadian retail arm, BMO Bank of Montreal and through its wealth management firms BMO Nesbitt Burns, BMO InvestorLine and BMO Harris Private Banking. BMO Capital Markets, our North American investment and corporate banking division, provides a full suite of financial products and services to our North American and international clients. In the United States, BMO serves clients through Chicago-based Harris, an integrated financial services organization that provides more than one million personal and business clients with banking, lending, investing, financial planning, trust administration, portfolio management, family office and wealth transfer services.
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