GUANGZHOU, CHINA, Feb. 20 /CNW/ - BMO has been named the No. 1 Foreign
Exchange Bank in the Guangzhou region by the China Foreign Exchange Trading
This is the seventh year that BMO has earned this prestigious
distinction. There are 29 member banks in the Guangzhou jurisdiction and BMO
is the only market maker.
Additionally, CFETS, which is the interbank trading and foreign exchange
division of China's central bank, has recognized two BMO Capital Markets
employees as "Excellent Traders of 2007." Regine Ou and Bofeng Jiang based in
BMO's Guangzhou office are among a total of 11 traders from 10 banks to
receive the special award.
"These are fantastic achievements and a testament to our growing
capabilities in China as well as our excellence in foreign exchange," said
Jamie Thorsen, Global Head of Foreign Exchange Products & China Capital
Markets for BMO Capital Markets. "As the Guangzhou market continues to evolve
into a more competitive arena, BMO is well positioned to continue providing
high quality services and execution."
Guangzhou is the capital city of Guangdong Province in the southern part
of the People's Republic of China with a population of about 6.2 million
people. It is a famous historical and cultural city and considered one of the
most important centers of foreign commerce in South China.
Founded in 1994, CFETS is the first national foreign exchange trading
system in China. It is a non-profit public institution with independent
accounts under the head office of the People's Bank of China. Serving as an
inter-bank foreign exchange market, CFETS adopts a membership system,
providing services in foreign exchange trading and financial products for
Chinese enterprises, joint ventures and foreign-funded firms in China.
About BMO in China
BMO is one of the most entrenched Canadian banks in China, with branches
in Beijing, Guangzhou and Hong Kong. BMO also has a representative office in
Shanghai and an Investment Banking Representative office in Beijing. BMO's
long history in China dates back to the early 1800s when it completed its
first foreign exchange transaction helping the United States finance its
growing trade with China. Today, BMO's deep commitment to China is reinforced
by the many recent designations it has been awarded by various key
organizations in the country.
- In 2007, BMO Capital Markets was named financial advisor for its
first two M&A transactions for Chinese clients and a third deal was
announced in January 2008.
- In June 2006, BMO Capital Markets, BMO's investment and corporate
banking arm, was one of six financial institutions, and the only
Canadian financial institution, selected to act as co-lead Manager of
Bank of China's IPO in Hong Kong.
- In August 2006, BMO became the first Canadian bank to open an
Investment Banking Representative office in China. The office,
located in Beijing, initially addresses outbound Chinese investment
flows and offshore Chinese IPOs as well as assisting in the
development of securitization business.
- In March 2005, BMO was the only Canadian bank selected to work
alongside the Bank of China, the CITIC Industrial Bank, the
Industrial & Commercial Bank of China and six other international
banks as a marketmaker for foreign exchange trading in China. Through
the interbank China Foreign Exchange Trade System (CFETS), BMO will
help lay the groundwork for trade and quote prices of eight so-called
currency pairs, including dollar-sterling and euro-yen.
- 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
- In November 2004, BMO became the first Canadian bank to be granted a
license by the China Banking Regulatory Commission (CBRC) to sell
derivative instruments in China.
- In May 2003, BMO received approval from the China Securities
Regulatory Commission to acquire an interest in Fullgoal Fund
Management of Shanghai, positioning BMO as the first foreign company
to acquire an interest in an established fund management firm in
- BMO is also:
- The first Canadian bank to participate as a market maker in
China's foreign exchange market starting in 2002.
- The first Canadian bank in China to price and trade FX forwards.
- The first Canadian bank to underwrite a domestic China bond in
- The first Canadian and first foreign bank to enter into
arrangements with EBS in China.
- 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.
For further information:
For further information: David Mu, Guangzhou, (8620) 3631-5300; Robert
Martin, Shanghai, (852)-2522-1625; Kim Hanson, Toronto, (416) 867-3996;