Upgrading its Trade Finance capability in Hong Kong, a huge global trade hub, broadens the BMO Capital Markets footprint to better meet the demands of the evolving market and its clients. (image: ilkerender / flickr)
TORONTO, ONTARIO and HONG KONG, HONG KONG, Nov 18 (Korea Bizwire) - BMO Capital Markets, the investment & corporate banking arm of BMO Financial Group (TSX:BMO)(NYSE:BMO), is adding trade finance booking capabilities in Hong Kong as it moves to serve more trade in Asia.
Upgrading its Trade Finance capability in Hong Kong, a huge global trade hub, broadens the BMO Capital Markets footprint to better meet the demands of the evolving market and its clients. The enhanced capabilities in Hong Kong will also put BMO in a strong position to serve North American clients in offshore Renminbi (RMB), following the agreement this month between China and Canada to work toward the establishment of a Canadian RMB trading hub.
“The Hong Kong location allows us to serve customers in Asia, in the local time zone, with local currency, in support of their commercial trade activities,” said Peter Grills, Managing Director, Trade Finance, BMO Capital Markets. “Through this, we can continue providing our clients with the exceptional service and expertise that we’re known for.”
“Trade Finance booking capability at our BMO Hong Kong Branch further strengthens the overall platform in Asia . This is complementary to our capabilities in Mainland China via Bank of Montreal (China) Co. Ltd. We are one of only three China incorporated subsidiaries of North American Banks,” said Albert Yu, Chief Executive Officer Asia, BMO Financial Group. “We’re here to help our clients to manage their trade activities more effectively. Our vision is to define great customer experience.”
The new trade finance capabilities will serve multiple client segments, including:
- Multinational corporations with operations in Hong Kong
- Local companies and Mainland subsidiaries with Hong Kong operations
- Financial institution clients who are active and have cross-border trade finance needs in Hong Kong
The BMO Capital Markets International Financial Institutions Group has relationships with some 1,200 banks in more than 100 countries. Its Trade Finance Group has relationships with thousands of companies across North America, Europe and Asia, and BMO was the first Canadian bank with a wholly-owned subsidiary in China. For a fifth consecutive year, BMO Capital Markets was named the Best Trade Bank in Canada in June by London-based Trade Finance Magazine, as well as being awarded Best Supply Chain Finance Bank in North America.
About BMO Trade Finance
BMO’s Trade Finance Group advises clients at every stage of growth, whether they are a growing, independent, middle market enterprise or a large publicly traded firm involved in international trade across a number of sectors. From risk mitigation to supply chain finance and trade payables processing, BMO specializes in anticipating and responding to the impacts of fluctuating interest rates and currency values on international trade, managing financial relationships with trading partners and navigating the regulatory landscape. BMO also offers powerful tools that make it easy for clients to execute transactions, monitor trade activity and track results.
About BMO Capital Markets
BMO Capital Markets is a leading, full-service North American financial services provider. With more than 2,300 employees operating in 29 locations, including 16 in North America, BMO Capital Markets offers corporate, institutional and government clients access to a complete range of investment and corporate banking products and services. BMO Capital Markets is a member of BMO Financial Group (NYSE:BMO)(TSX:BMO), one of the largest diversified financial services providers in North America with total assets of more than CDN $586 billion and approximately 47,000 employees at July 31, 2014.
About BMO in Asia Pacific
Connecting Asia and North America
Asia today has become the address for high net-worth individuals and institutional investors with global aspirations. At the cross-road of Asia and North America, BMO Asia is well positioned to bridge local clients venturing abroad and international clients conducting businesses in Asia by building upon its world-wide recognition for stability and quality, and upon its unique ability to serve clients’ cross-border needs.
BMO’s presence in Asia Pacific continues to grow through:
- BMO China Co. Ltd. with branches in Beijing, Shanghai and Guangzhou,
- BMO Nesbitt Burns representative office in Beijing,
- BMO branches in Hong Kong and Singapore,
- Taiwan representative office in Taipei,
- India representative office in New Delhi,
- BMO Global Asset Management Asia in Hong Kong,
- A 28% equity stake in Fullgoal Fund Management Co. Ltd., based in Shanghai, and
- A 19.99% equity stake in COFCO Trust Co. Ltd., based in Beijing.
Media Contacts:
Pav Jordan, Toronto
(416) 867-3996
Pav.jordan@bmo.com
Martha McInnis, New York
(212) 702-1992
Martha.mcinnis@bmo.com
Lim Shenghow, Asia
86 (10) 8588-1487
Shenghow.lim@bmo.com
Source: BMO Financial Group via Marketwired
