BMO is the First Canadian Bank to Offer Fixed Term Deposit Product for
Clients in China
BEIJING, June 20 /CNW/ - BMO Financial Group has expanded its services in
China with the launch of a new retail fixed-term deposit product. The
announcement was made today by Bill Downe, President and CEO, BMO Financial
Group, who was in Beijing to call upon the Mayor of Beijing, His Excellency
Mr. Guo Jinlong, Chinese bank clients, and to host a reception at the B.C.
"As the first Canadian bank to receive a license for a full-service
branch in Beijing in 1996, we are pleased to offer another first for our
clients in China," said Mr. Downe. "Our new investment product can help
provide clients with predictable returns and security."
Highlights of BMO's new money market product include:
- A fixed term for a maximum of two years, providing clients an
attractive way to diversify their investments;
- Availablility to Chinese citizens and expatriates in Canadian, US and
Hong Kong currencies;
- Minimum deposit of $50,000 (Cdn/US) or $400,000 (HK).
With added deposit taking capacity, BMO is now able to better serve
prospective clients who are considering immigrating to Canada. "Immigrants can
benefit from building their connections with Canada's first and oldest bank,
especially in the early stages of their immigration application. And we are
better positioned to help Chinese overseas students gain certificate of funds
that are required for a Canadian visa," said Mr. Downe.
Today's announcement by Mr. Downe, who is a member of the International
Business Leaders' Advisory Council for the Mayor of Beijing (IBLAC), was made
during a reception at the B.C. Canada Pavilion. Also attending was Roger Heng,
Managing Director and General Manager, Beijing Branch, Bank of Montreal, and a
recipient of the Great Wall Friendship Award in recognition of significant
contributions to the development of Beijing.
"BMO is proud to be a sponsor of the Pavilion and congratulates the
Province of British Columbia and the Government of Canada for all its hard
work," said Mr. Heng. "The opening of the Pavilion in May 2008 has been a
great opportunity to promote trade and investment between China and Canada and
enhance our friendly relationship."
Earlier in the week, Mr. Downe attended the official opening of BMO's
Shanghai branch - the bank's fourth branch in China. BMO also has branches in
Beijing, Guangzhou and Hong Kong.
BMO Accomplishments in China:
- In 2001, BMO commenced negotiations to obtain an equity interest in
Fullgoal Fund Management Co., one of China's leading funds management
companies. BMO's equity interest in Fullgoal is 28 per cent.
- In 2004, BMO became the first Canadian bank to be granted a license
by the China Banking Regulatory Commission to sell derivative
instruments in China.
- In 2005, BMO was the only Canadian bank selected as a marketmaker for
foreign exchange trading in China through the interbank China Foreign
Exchange Trade System (CFETS).
- In 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
- In 2005, Fullgoal received a license to manage corporate pension plan
assets in China. Only three other foreign financial institution joint
ventures received licenses.
- In 2006, BMO's investment banking arm was one of six financial
institutions, and the only Canadian financial institutions, to act as
co-lead Manager of Bank of China's IPO in Hong Kong.
- In 2006, BMO's Beijing branch became the first Canadian bank location
to be granted permission to deal in RMB transactions out of Beijing.
- In 2008, the China Foreign Exchange Trading System recognized BMO as
the No.1 foreign exchange Bank in the Guangzhou region. This is the
seventh year that BMO has earned this distinction.
- BMO is also:
- The first Canadian bank and one of a handful of foreign banks to
participate as a marketmaker in China's foreign exchange market
starting in 2002.
- The first Canadian bank in China to price and trade foreign
- The first Canadian bank to underwrite a domestic China bond in
- A pioneer in the Chinese foreign exchange market that has
consistently ranked among the top 10 banks in China (domestic and
foreign) for the past 10 years.
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