BMO Guangzhou "Most popular FX market maker and biggest
non-USD Market Maker" in China
GUANGZHOU, CHINA--(Marketwire - October 9, 2011) -
Editors Note: There are two photos associated with this Press
Release.
BMO ChinaCo welcomed Canada''s International Trade minister, the
Honourable Ed Fast, to its Guangzhou branch today during the
minister''s visit to China. Minister Fast took the opportunity to
meet with BMO staff as he touted the benefits of increased trade
and investment ties between China and Canada.
"Increased trade and investment benefits middle class families in
both countries," said Minister Fast. "Canada''s world-class
financial institutions, like BMO, are delivering financial security
and stability to a growing middle-class in China, and their success
abroad, creates prosperity and opportunity for families back in
Canada. The success of Canada''s world-class financial services
sector and institutions abroad is a key example of Canada''s
capabilities, expertise, and what Canada can offer its important
trade partners like China."
"China and Canada are close friends, and we''re very pleased to
welcome Minister Fast and support the Government of Canada''s
continued efforts to strengthen the ties that bind our two great
countries," said Brendan Wong, Managing Director and Head of
Guangzhou, BMO ChinaCo. "Canada has many advantages, including
prudent fiscal policy, low inflation, interest and unemployment
rates, and a corporate tax framework that is among the best in the
world. Forbes Magazine just named Canada the best country in the
world for business, and Canada''s banking system has been ranked
the soundest in the world by the World Economic Forum for the last
four years. Canada also has a sophisticated transportation
infrastructure and a strategic location at the crossroads between
the North American marketplace and Asia.
"BMO has the expertise and deep local knowledge to support trade
and investment between China and North America, and help our
customers capitalize on the enormous opportunities in both," said
Mr. Wong. "Our commitment to China is unmatched by any other
Canadian bank and dates back to 1818 – just a year after our
founding. BMO is one of only a handful of North American banks, and
the only Canadian bank, to have a wholly-owned subsidiary bank in
China."
BMO is the only Canadian bank with branches in Beijing, Guangzhou,
Shanghai and Hong Kong, and was the first Canadian bank permitted
to operate in the capital. The Bank also has a representative
office in Taipei, Taiwan and an Investment Banking representative
office in Beijing.
In July 2005, BMO''s Guangzhou branch became the first Canadian
bank location to be granted a license to provide RMB local currency
service such as deposits and loans to both foreign and local
companies in China, providing greater access to financial services
in the country.
In 2010, BMO was named one of the "Most Popular Market Makers in
China" by the China Foreign Exchange Trade System (CFETS) for the
third consecutive year. This award is determined by popular vote
among market makers. As in previous years, BMO was the only foreign
bank to have won this award. All other recipients were Chinese
banks, including Industrial Bank of China, Bank of China and Bank
of Communications. In addition, BMO was again awarded "Best non-USD
Market Maker" for the third year running. Of the 29 member banks in
the Guangzhou jurisdiction, BMO is the only market maker and the
only bank to have won this award.
About BMO Financial Group
Established in 1817 as Bank of Montreal, BMO Financial Group is a
highly-diversified North American financial services organization.
With total assets of $477 billion as at July 31, 2011, and more
than 47,000 employees, BMO Financial Group provides a broad range
of retail banking, wealth management and investment banking
products and solutions.
Contact Information
News Media Contacts:
Paul Deegan, Toronto
+1 416-867-3996
[email protected]
Shenghow Lim, Beijing
+8610 8588 1487
[email protected]