Names new CEO for Asia
BEIJING, Aug. 10 /CNW/ - BMO Financial Group, Canada's first bank - and
the first Canadian bank to do business with China - today officially opened
its new premises in Beijing's business district, as the bank continues to grow
Canada's Minister of Finance, the Honourable Jim Flaherty, who is in
China leading a high-level delegation of government officials and financial
services executives, paid a special visit to the branch to cut the ribbon at
the official opening ceremony.
"China is now one of Canada's largest trading partners, and we have
become Pacific Rim economic partners through APEC. Clearly we share a long and
proud history and we are working toward a future that is mutually beneficial
to both countries," said Minister Flaherty. "As an important part of that
future, we are very encouraged by the advancements that Canadian banks such as
BMO have made in China."
Gilles Ouellette, the president and chief executive officer of BMO's
Private Client Group, welcomed Minister Flaherty and thanked him for his
commitment to growing trade in financial services between Canada and China.
"We are honoured by the Minister's presence," said Mr. Ouellette.
"Minister Flaherty appreciates the tremendous value of Canada's business
relationships with China and understands the important role that Canadian
financial institutions can play in this market."
Mr. Ouellette also formally introduced Albert Yu, an experienced bank
executive who has just been named Chief Executive Officer for BMO's Asian
operations. Mr. Yu, who until recently worked in New York for a major global
financial services company, will be resident in Beijing, and will be
responsible for BMO's operations in mainland China (Beijing, Guangzhou, and
Shanghai) as well as in Hong Kong and Taiwan.
"Albert is a very seasoned and capable banker," said Mr. Ouellette. "He
will have responsibility for the oversight, growth and development of BMO
businesses in Asia."
About Mr. Yu
Albert Yu has more than 20 years of experience in the financial services
industry, having worked for major international banks in New York, Hong Kong
and Toronto. For the past eight years, he was based in New York working for an
international bank, where he ran a number of capital markets businesses with
operations in New York, Toronto, Sao Paulo and Hong Kong. He holds a Masters
of Science in Finance from the University of British Columbia and did his
undergraduate work at the University of Windsor.
About BMO in China
BMO's ties with China go back to 1818 - the year after its founding -
when the bank undertook its first foreign exchange transaction in support of
trade with China. BMO has branches in Beijing, Guangzhou, Hong Kong and
Shanghai, and has a 28% equity interest in Fullgoal Fund Management Co., which
manages mutual funds and pension plan assets in China. BMO is the first
Canadian bank to provide services locally denominated in RMB; it is a leading
market-maker in foreign exchange trading; and it is increasingly involved in
China's IPO market, having been named co-lead manager of Bank of China's 2006
IPO in Hong Kong. BMO Capital Markets' Representative Office in Beijing
provides support to the Investment & Corporate Banking Coverage groups and
Product groups to offer M&A advisory services and debt/equity
placement/underwriting capabilities in North America to selective Chinese
corporations for their overseas investment activities.
About the new premises
BMO's new Beijing branch is located on the 27th floor of Tower 3 at China
Central Place (77 Jianguo Road) in Beijing's business district. With 2,400
square meters of space (26,000 sq. ft.), the new premises will accommodate up
to 100 employees and all the back-room facilities required to operate BMO's
growing banking, investment banking and wealth management businesses. The
branch will be open daily, Monday to Friday, from 9 a.m. to 6 p.m., and will
provide a full range of services to customers, including trade finance, cash
management services, lending in local and foreign currencies (for both foreign
and domestic companies) and foreign exchange, as well as providing consulting
services for Chinese immigrants to Canada and students planning to study in
/NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
the CNW Photo Network and archived at http://photos.newswire.ca.
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For further information:
For further information: Media Contacts: Paul Deegan, BMO Financial
Group, Toronto, (416) 867-3996, firstname.lastname@example.org; Ron Monet, BMO Financial
Group, Montreal, (514) 877-1873, email@example.com; Ella Yu, Hill &
Knowlton, China, (W): (86 21) 5109 7070 ext. 113, (M): (86) 137 6453 8775,