BMO Receives Regulatory Approval to Incorporate in China

BMO Financial Group announced that it has obtained the approval of the China Banking Regulatory Commission to formally prepare for incorporation of its wholly-owned subsidiary bank, with the proposed name of Bank of Montreal (China) Co. Ltd. Incorporation is expected to give BMO greater flexibility to expand product offering including the possibility of new initiatives in wealth management and retail banking. BMO currently has branches in Beijing, Guangzhou, Hong Kong and Shanghai, and a 28% equity interest in Fullgoal Fund Management Company Ltd., which manages mutual funds and pension plan assets in China.