- BMO Capital Markets also highly commended in categories including trade and supply chain finance for North America and overall trade banking in North America
- Trade accounts for 61 per cent of Canada's GDP, driven by mining, agricultural exports
- Demand for trade finance rising in sync with growth in International trade
TORONTO, ONTARIO--(Marketwired - June 3, 2013) - BMO Capital Markets, the investment & corporate banking arm of BMO Financial Group (TSX:BMO)(NYSE:BMO), has been named the Best Trade Bank in Canada for a fourth consecutive year by Trade Finance Magazine.
BMO was also "highly commended" by the magazine for placing second in categories including Best Trade & Supply Chain Finance Bank in North America, and Best Overall Trade Bank in North America, reflecting the bank's commitment to growing demand for trade finance expertise.
The annual survey ranks firms on the basis of industry votes and feedback from Canadian participants, as well as input from the magazine's editorial team. Respondents including manufacturers, exporters, importers, traders, government, multilateral agencies, and other clients and industry partners selected BMO as the No. 1 Canadian bank to help businesses conduct global trade in a fast-changing regulatory environment.
"Trade finance is becoming increasingly important to our customers as more companies do more business internationally, and we are growing our business accordingly," said Peter Grills, Managing Director and Head of Trade Finance for BMO Capital Markets.
"Winning this award is a testament to our capabilities. We have a very explicit strategy of growing our ability to support our clients' trade finance needs," said Mr. Grills, pointing to increasing demand from clients for services ranging from risk mitigation to financing and technological support.
"We congratulate BMO Capital Markets for winning the Best Trade Bank in Canada award in the Trade Finance Magazine Awards for Excellence for the fourth year in a row. The bank has once again proven that its innovative approach, in-depth knowledge and high levels of service are highly valued by its clients," said Oliver O'Connell, New York-based editor of Trade Finance magazine.
Trade accounts for 61 per cent of GDP for Canada, a major exporter of commodities from metals and energy to lumber and agricultural products. On a global level, developed and developing markets are relying on international trade growth to drive a recovery in GDP growth.
BMO Capital Markets' Trade Finance Group has relationships with some 1,200 banks in more than 100 countries. It has relationships with thousands of companies across Canada, the United States and Asia and BMO was the first Canadian bank with a wholly-owned subsidiary in China.
About BMO Trade Finance
BMO's Trade Finance Group advises clients across North America at every stage of growth, whether they are a growing, independent, middle market enterprise or a large publicly traded firm involved in international trade across a number of sectors. From risk mitigation to supply chain finance and trade payables Processing, BMO specializes in anticipating and responding to the impacts of fluctuating interest rates and currency values on international trade, managing financial relationships with trading partners and navigating the regulatory landscape. BMO also offers powerful tools that make it easy for clients to execute transactions, monitor trade activity and track results.
About BMO Capital Markets
BMO Capital Markets is a leading, full-service North American financial services provider, with 2,200 employees operating in 30 offices worldwide including 17 in North America, 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, one of the largest diversified financial services providers in North America with total assets of $555 billion and more than 46,000 employees as at April 30, 2013.
About Trade Finance Magazine
Trade Finance magazine is Euromoney Publications' flagship international trade, export, commodity and supply chain finance publication. Euromoney has been covering trends in trade finance for more than 25 years and is the longest standing global publication concentrating exclusively on the international trade finance market. The Trade Finance "Awards for Excellence" have been awarded ever since the magazine launched in 1998. For more information, visit tradefinancemagazine.com.
Pav Jordan, Toronto
Martha McInnis, New York