Bank of Montreal expands in China with acquisition of CFO Trust
Bank of Montreal has completed its previously announced acquisition of a 19.99% in Beijing-based COFCO Trust Co.
That is the maximum permitted for a foreign investor in China.
COFCO Trust has assets under management of US$5.7 billion and has a staff of 85.
The completion of the acquisition followed receipt of all required regulatory approvals. Terms of the deal were not disclosed.
"This strategic investment will allow BMO to leverage its wealth management and capital markets experience to assist COFCO Trust in developing its offering," said Gilles Ouellette, president and chief executive officer, private client group, BMO Financial Group and chairman of the board, Bank of Montreal (China) Co. Ltd.
"COFCO Trust provides us with a leading entry point and greater flexibility to offer a wider variety of wealth management products directly and through third parties. It complements our Asia growth strategy and our recent expansion in the region, which includes the incorporation of Bank of Montreal (China) Co. Ltd.; the acquisition of Hong Kong-based Lloyd George Management; and investment management capabilities provided by Shanghai-based Fullgoal Fund Management Co." said Albert Yu, managing director and head of Asia, BMO Financial Group.