Agricultural Bank of China (ABC) and Bank of
Montreal (BMO) have launched a referral arrangement that will
provide respective clients access to cross border private
banking services at both banks.
As part of the agreement, representatives of
ABC and BMO will provide high net worth clients in China with
information about overseas studies, immigration, tax planning and
other cross border financial services and solutions.
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BMO boosting its Asian
coverage
Canada-based BMO has been increasing its
exposure in Asia steadily over the past few months.
In January, it boosted its Asian wealth arm
with the buy-out of Hong Kong-based independent investment manager
Lloyd George Management (LGM).
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By GlobalDataLate last year, the China Securities
Regulatory Commission officially approved BMO as a Qualified
Foreign Institutional Investors (QFII).
ABC started its private banking unit in
September 2010 with an entry requirement of CNY8m ($1.2m).
ABC has 12 private banking branches across
China in Beijing, Tianjin, Shanghai, Jiangsu, Zhejiang, Shandong,
Hubei, Guangdong, Qingdao, Ningbo, Xiamen, and Shenzhen.
