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]