BMO Financial Group, a Canada-based diversified financial services organization, has obtained approval from China Banking Regulatory Commission to formally prepare for incorporation of its wholly-owned subsidiary bank, with the proposed name of Bank of Montreal (China) Co. Ltd.
Albert Yu, chief executive officer for BMO’s Asian operations, said: “Incorporation gives us an advantaged platform to grow our existing businesses and capitalize on the tremendous growth potential in China. Incorporation gives us the flexibility we want to expand our product offering, including the possibility of new initiatives in wealth management and retail banking.”
“BMO has a strong and long-standing presence in Beijing. BMO has had a full service branch in Beijing since 1996 and the branch was the first Canadian bank location to be granted a license to provide Renminbi (RMB) local currency service to both foreign and local companies in China. Recently, we opened expanded new premises in Beijing to accommodate our growth,” he added.
BMO Financial Group offers a broad range of commercial, retail banking, wealth management and investment banking products and solutions.
