According to the acquirer, completion of the acquisition followed receipt of all required regulatory approvals, which will enable BMO to expand its wealth management capability in China.
BMO Financial Group private client group president and chief executive officer and chairman of the Board, Bank of Montreal (China) Co Gilles Ouellette said the strategic investment will allow BMO to leverage its wealth management and capital markets experience to assist COFCO Trust in developing its offering.
COFCO Group chairman Ning Gaoning said, "We look forward to both companies creating value in COFCO Trust and to participating in China’s fast-growing financial services market in a strong and fruitful partnership."
BMO’s subsidiary bank, Bank of Montreal (China) Co manages branches in Beijing, Guangzhou and Shanghai, allowing the bank the flexibility to expand its product and service offerings for North American and Chinese clients.
