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.
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).
Late 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.
