News Releases
BEIJING, August 9, 2009 – BMO Financial Group, Canada's first bank – and the first Canadian bank to do business with China – today officially opened its new premises in Beijing's business district, as the bank continues to grow in China.
Canada's Minister of Finance, the Honourable Jim Flaherty, who is in China leading a high-level delegation of government officials and financial services executives, paid a special visit to the branch to cut the ribbon at the official opening ceremony.
“China is now one of Canada's largest trading partners, and we have become Pacific Rim economic partners through APEC. Clearly we share a long and proud history and we are working toward a future that is mutually beneficial to both countries," said Minister Flaherty. "As an important part of that future, we are very encouraged by the advancements that Canadian banks such as BMO have made in China."
Gilles Ouellette, the president and chief executive officer of BMO's Private Client Group, welcomed Minister Flaherty and thanked him for his commitment to growing trade in financial services between Canada and China.
“We are honoured by the Minister's presence,” said Mr. Ouellette. “Minister Flaherty appreciates the tremendous value of Canada's business relationships with China and understands the important role that Canadian financial institutions can play in this market.”
Mr. Ouellette also formally introduced Albert Yu, an experienced bank executive who has just been named Chief Executive Officer for BMO's Asian operations. Mr. Yu, who until recently worked in New York for a major global financial services company, will be resident in Beijing, and will be responsible for BMO's operations in mainland China (Beijing, Guangzhou, and Shanghai) as well as in Hong Kong and Taiwan.
“Albert is a very seasoned and capable banker,” said Mr. Ouellette. “He will have responsibility for the oversight, growth and development of BMO businesses in Asia.”
About Mr. Yu
Albert Yu has more than 20 years of experience in the financial services industry, having worked for major international banks in New York, Hong Kong and Toronto. For the past eight years, he was based in New York working for an international bank, where he ran a number of capital markets businesses with operations in New York, Toronto, Sao Paulo and Hong Kong. He holds a Masters of Science in Finance from the University of British Columbia and did his undergraduate work at the University of Windsor.
About BMO in China
BMO's ties with China go back to 1818 – the year after its founding – when the bank undertook its first foreign exchange transaction in support of trade with China. BMO has branches in Beijing, Guangzhou, Hong Kong and Shanghai, and has a 28% equity interest in Fullgoal Fund Management Co., which manages mutual funds and pension plan assets in China. BMO is the first Canadian bank to provide services locally denominated in RMB; it is a leading market-maker in foreign exchange trading; and it is increasingly involved in China's IPO market, having been named co-lead manager of Bank of China's 2006 IPO in Hong Kong. BMO Capital Markets' Representative Office in Beijing provides support to the Investment & Corporate Banking Coverage groups and Product groups to offer M&A advisory services and debt/equity placement/underwriting capabilities in North America to selective Chinese corporations for their overseas investment activities.
About the new premises
BMO's new Beijing branch is located on the 27th floor of Tower 3 at China Central Place (77 Jianguo Road) in Beijing's business district. With 2,400 square meters of space (26,000 sq. ft.), the new premises will accommodate up to 100 employees and all the back-room facilities required to operate BMO's growing banking, investment banking and wealth management businesses. The branch will be open daily, Monday to Friday, from 9 a.m. to 6 p.m., and will provide a full range of services to customers, including trade finance, cash management services, lending in local and foreign currencies (for both foreign and domestic companies) and foreign exchange, as well as providing consulting services for Chinese immigrants to Canada and students planning to study in Canada.
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BMO Financial Group continues to expand in