Agricultural Bank of China (“ABC”) and Bank of Montreal (“BMO”) have officially launched a referral arrangement between the two banks that will provide their respective clients with access to cross border private banking financial services. As part of the agreement, representatives of ABC and BMO will provide high net worth clients in China with information about overseas studies, immigration and other cross border financial services and solutions.
“The cooperation between ABC and BMO will be a big step for the development of ABC’s private banking department,” said Zhu Hongbo, Executive Vice President, Agricultural Bank of China. “Through the cooperation between ABC and BMO, together with each other’s long-term accumulation of cooperative relationships with many institutions like immigration agencies, overseas study intermediaries, investment and tax planning firms, we will be able to provide comprehensive solutions for clients. This tight cooperation will help ABC complement its business ranges and promote service model innovations.”
“We are pleased to deepen our longstanding relationship with ABC. This is a great opportunity for our clients who require local private banking services in China,” said Gilles Ouellette, President & CEO, Private Client Group, BMO Financial Group and Chairman of BMO (China) Co. Ltd. “Private banking is an important part of BMO’s Asia growth strategy. This relationship enhances our ability to better meet the needs of our high-net worth clients and complements our established presence in China, including our equity interest in Fullgoal Fund Management Co. and our recently announced agreement to acquire Hong Kong-based Lloyd George Management.”
As a result of this cooperation between ABC and BMO, clients of each bank will be able to benefit from a consistently high level of cross-border financial services.
This cooperation agreement between ABC and BMO represents an opportunity for ABC to provide its clients with access to overseas private banking services, to better serve its private banking clients in China, and reflects a commitment by ABC to grow its private banking business. The two banks will continue to work together to identify other potential areas of collaboration in order to better meet clients’ international needs.
ABC formally launched its private banking services in 2010. ABC Private Banking provides its clients a full range of services, including personal financial management service, asset management service, private financial consulting service, private value-added service, and personal cross-border financial advice and services. The Private Banking business is headquartered in Shanghai, and has 12 branches across China in Beijing, Tianjin, Shanghai, Jiangsu, Zhejiang, Shandong, Hubei, Guangdong, Qingdao, Ningbo, Xiamen, and Shenzhen.
Established in 1817, BMO – Canada’s first bank – serves 11 million personal, commercial, corporate and institutional customers in North America and internationally. 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 is the only Canadian bank to be incorporated locally in China, and has over 130 years of experience providing private banking services.