News Releases
BMO Capital Markets, the investment and corporate banking arm of BMO Financial Group (TSX, NYSE: BMO), announced today it has launched a new suite of global treasury management services that will make it easier for companies in Canada and the U.S. to conduct business around the world from their home base.
BMO Capital Markets introduced the new offering during the Treasury Management Association of Canada's (TMAC) annual conference being held in Vancouver this week.
The global banking services are among the first of their kind to be offered in Canada. A key feature is that clients will be able to manage cash flow and all of their Canadian dollar, U.S. dollar and Euro payments and receivables through a single BMO Capital Markets Relationship Manager, eliminating the need to deal with separate financial institutions in each country where they conduct business.
“Our clients don't want to search for new partners or navigate new banking environments as their businesses expands to new countries – they'd rather deal with us, with relationship managers they already know and trust,” said Marnie Kinsley, Executive Managing Director and Head of Global Treasury Management, BMO Capital Markets. “By offering seamless global services, we can deepen our relationships with our clients by helping them simplify the process and save money at the same time.”
BMO Capital Markets is uniquely positioned to offer the global treasury management services through a new arrangement with Deutsche Bank AG, the world's number-one Euro clearer. Under this alliance, Deutsche will provide and maintain European back-office treasury management support for BMO. For BMO clients, this arrangement provides access to Deutsche's vast European network and services.
“What this means for our clients is that they can fulfill all of their international treasury management needs through their existing relationship with BMO. Whether clients need to manage funds within Europe, Canada or the US, our global treasury management solutions make managing international cash flow easy,” Ms. Kinsley added.
BMO Capital Markets will also offer its North American clients access to seamless cross-border cash management services through its U.S. subsidiary Harris.
While the initial launch focuses on services in Canada, the U.S. and Europe, BMO Capital Markets' long-term plan is to offer the same capabilities in markets such as Asia and India. “We can now compete on a level playing field with the largest U.S. banks in Europe. We have made tremendous headway developing our cross-border capabilities, and this is a great opportunity to support our customers as they continue to grow internationally,” said Susan Witteveen, Executive Managing Director of BMO's Global Treasury Management Group in Canada.
“We're seeing tremendous changes in the market. There are a growing number of businesses that intend to expand beyond their borders over the next couple of years, and we anticipate that demand for these types of service will only increase over time,” Ms. Witteveen added.
BMO's new global treasury management services include key disbursement and concentration services such as:
- Wire payments
- Chequing services
- Small value, recurring electronic payments such as Automated Clearing House payments (ACH) and Electronic Funds Transfers (EFTs)
- Lockbox services (includes the collection of paper cheques from suppliers and invoice management)
About BMO Capital Markets
BMO Capital Markets is a leading full-service North American financial services provider, with over 2,000 employees operating in 14 North American offices and 26 worldwide, offering corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE, TSX: BMO), one of the largest diversified financial services providers in North America with more than $359 billion in total assets and 35,000 employees as at July 31, 2007. For more information, visit www.bmocm.com.
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