BMO Financial Group (BMO) and Industrial and Commercial Bank of China Ltd. (ICBC) have signed a broad ranging memorandum of understanding (MOU), with the goal of leveraging their complementary geographic footprints and capabilities, to the benefit of customers of both institutions.
The agreement covers many areas including Asset Management, Corporate and Project Financing, Trade Finance, Cross-Border RMB cooperation, and best practice sharing of fraud reduction techniques. The signing of the memorandum was witnessed by BMO Vice Chair David Jacobson and ICBC Senior Executive Vice President Dr. Hu Hao.
“This arrangement creates a special opportunity for our two institutions to build on a historic partnership and work together to explore unique synergies, such as combining BMO’s award-winning global suite of investment products with the reach of ICBC – the world’s largest bank – in China, Canada and beyond,” said Gilles Ouellette, Group Head, BMO Asset Management, and Vice-Chair, International, BMO Financial Group. “We look forward to leveraging the MOU to build on a number of opportunities, including our asset management capabilities and other areas.”