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BMO Recognized as the No. 1 Foreign Exchange Bank in the Guangzhou Region

BMO has been named the No. 1 Foreign Exchange Bank in the Guangzhou region by the China Foreign Exchange Trading System (CFETS).

This is the seventh year that BMO has earned this prestigious distinction. There are 29 member banks in the Guangzhou jurisdiction and BMO is the only market maker.

Additionally, CFETS, which is the interbank trading and foreign exchange division of China's central bank, has recognized two BMO Capital Markets employees as “Excellent Traders of 2007.” Regine Ou and Bofeng Jiang based in BMO's Guangzhou office are among a total of 11 traders from 10 banks to receive the special award.

“These are fantastic achievements and a testament to our growing capabilities in China as well as our excellence in foreign exchange,” said Jamie Thorsen, Global Head of Foreign Exchange Products & China Capital Markets for BMO Capital Markets. “As the Guangzhou market continues to evolve into a more competitive arena, BMO is well positioned to continue providing high quality services and execution.”

Guangzhou is the capital city of Guangdong Province in the southern part of the People's Republic of China with a population of about 6.2 million people. It is a famous historical and cultural city and considered one of the most important centers of foreign commerce in South China.

Founded in 1994, CFETS is the first national foreign exchange trading system in China. It is a non-profit public institution with independent accounts under the head office of the People's Bank of China. Serving as an inter-bank foreign exchange market, CFETS adopts a membership system, providing services in foreign exchange trading and financial products for Chinese enterprises, joint ventures and foreign-funded firms in China.

About BMO in China

BMO is one of the most entrenched Canadian banks in China, with branches in Beijing, Guangzhou and Hong Kong. BMO also has a representative office in Shanghai and an Investment Banking Representative office in Beijing. 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 2007, BMO Capital Markets was named financial advisor for its first two M&A transactions for Chinese clients and a third deal was announced in January 2008
  • In June 2006, BMO Capital Markets, BMO's investment and corporate banking arm, was one of six financial institutions, and the only Canadian financial institution, selected to act as co-lead Manager of Bank of China's IPO in Hong Kong.
  • In August 2006, BMO became the first Canadian bank to open an Investment Banking Representative office in China. The office, located in Beijing, initially addresses outbound Chinese investment flows and offshore Chinese IPOs as well as assisting in the development of securitization business.
  • 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 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 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 of Shanghai, positioning BMO as the first foreign company to acquire an interest in an established fund management firm in China

• BMO is also:

  • The first Canadian bank to participate as a market maker in China's foreign exchange market starting in 2002
  • The first Canadian bank in China to price and trade FX 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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