As part of the agreement, representatives of ABC and BMO will provide high net worth clients in China with information about overseas studies, immigration and other cross border financial services and solutions.
The two banks will continue to work together to identify other potential areas of collaboration in order to better meet their clients’ global needs.
Agricultural Bank of China executive vice president Zhu Hongbo said that the cooperation between ABC and BMO will be a big step for the development of ABC’s private banking department.
BMO Financial Group private client group president and CEO and chairman of BMO China Gilles Ouellette said this relationship enhances the ability to better meet the needs of bank’s high-net worth clients and complements bank’s established presence in China, including equity interest in Fullgoal Fund Management and recently announced agreement to acquire Hong Kong-based Lloyd George Management.
The ABC’s private banking business is headquartered in Shanghai, and has 12 branches across China in Beijing, Tianjin, Shanghai, Jiangsu, Zhejiang, Shandong, Hubei, Guangdong, Qingdao, Ningbo, Xiamen, and Shenzhen.
