Bank of Montreal (BMO) is expanding its wealth management capability in China by acquiring part of the trust arm of one of the country’s largest state-owned enterprises.
Date: Feb 24, 2012
The cooperation leverages BMO’s North American wealth management and capital markets experience to help COFCO Trust develop its wealth management offering, said Gills Ouellette, president and chief executive officer of BMO Financial Group's private client group and chairman of BMO ChinaCo.
"Since regulatory changes were instituted in 2007, trust companies have become an increasingly important provider of wealth management products in China," said Albert Yu, managing director and head of Asia, BMO Financial Group.
The deal is still subject to the approval from the regulators in China and Canada.