BMO Capital Markets, the investment & corporate banking arm of Bank of Montreal (TSX: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 Chinese Renminbi, also known as the yuan, following the agreement this month between China and Canada to work toward the establishment of a Canadian yuan 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.
“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, CEO Asia, BMO Financial Group.