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BMO Financial Group Expands Its Offering in ChinaBMO is the First Canadian Bank to Offer Fixed Term Deposit Product for Clients in China

BEIJING, June 20, 2008 – BMO Financial Group has expanded its services in China with the launch of a new retail fixed-term deposit product. The announcement was made today by Bill Downe, President and CEO, BMO Financial Group, who was in Beijing to call upon the Mayor of Beijing, His Excellency Mr. Guo Jinlong, Chinese bank clients, and to host a reception at the B.C. Canada Pavilion.

“As the first Canadian bank to receive a license for a full-service branch in Beijing in 1996, we are pleased to offer another first for our clients in China,” said Mr. Downe. “Our new investment product can help provide clients with predictable returns and security.”

Highlights of BMO's new money market product include:

  • A fixed term for a maximum of two years, providing clients an attractive way to diversify their investments;
  • Availablility to Chinese citizens and expatriates in Canadian, US and Hong Kong currencies;
  • Minimum deposit of $50,000 (Cdn/US) or $400,000 (HK).

With added deposit taking capacity, BMO is now able to better serve prospective clients who are considering immigrating to Canada. “Immigrants can benefit from building their connections with Canada's first and oldest bank, especially in the early stages of their immigration application. And we are better positioned to help Chinese overseas students gain certificate of funds that are required for a Canadian visa,” said Mr. Downe.

Today's announcement by Mr. Downe, who is a member of the International Business Leaders' Advisory Council for the Mayor of Beijing (IBLAC), was made during a reception at the B.C. Canada Pavilion. Also attending was Roger Heng, Managing Director and General Manager, Beijing Branch, Bank of Montreal, and a recipient of the Great Wall Friendship Award in recognition of significant contributions to the development of Beijing.

“BMO is proud to be a sponsor of the Pavilion and congratulates the Province of British Columbia and the Government of Canada for all its hard work,” said Mr. Heng. “The opening of the Pavilion in May 2008 has been a great opportunity to promote trade and investment between China and Canada and enhance our friendly relationship.”

Earlier in the week, Mr. Downe attended the official opening of BMO's Shanghai branch - the bank's fourth branch in China. BMO also has branches in Beijing, Guangzhou and Hong Kong.

BMO Accomplishments in China:

  • In 2001, BMO commenced negotiations to obtain an equity interest in Fullgoal Fund Management Co., one of China's leading funds management companies. BMO's equity interest in Fullgoal is 28 per cent.
  • In 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 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 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 2005, Fullgoal received a license to manage corporate pension plan assets in China. Only three other foreign financial institution joint ventures received licenses.
  • In 2006, BMO's investment banking arm was one of six financial institutions, and the only Canadian financial institutions, to act as co-lead Manager of Bank of China's IPO in Hong Kong.
  • In 2006, BMO's Beijing branch became the first Canadian bank location to be granted permission to deal in RMB transactions out of Beijing.
  • In 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 BMO has 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.
  • 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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