BMO Financial Group has become the first Canadian bank to be granted approval to provide renminbi, service in China’s capital city of Beijing.

This China Banking Regulatory Commission issued approval enables BMO’s branch office in Beijing to offer a wide range of banking services such as deposits, loans, trade finance and other capital markets products to all corporations using RMB. This makes BMO the only Canadian bank that has full corporate RMB capability for both foreign and domestic corporations.

Previously, BMO Beijing could only provide these services in foreign currencies. BMO’s branch in Guangzhou began offering RMB services in 2005.

“Securing this renminbi capability for our Beijing branch office is yet another sign of our ongoing commitment to translate the liberalization of China’s financial markets into tangible products and services for our global clients,” said Tony Comper, president and CEO, BMO Financial Group.

“Our clients need access to China’s local currency to enable them to share in the economic boom that is unfolding there and this approval gives BMO the right capabilities to help ensure that they succeed,” addedd Yvan Bourdeau, CEO, BMO Capital Markets. “We are confident that our RMB capability will further enhance our customer relationships and make BMO a more valuable business partner.”

BMO has had a long presence in Beijing, opening its first office in 1982. BMO became the first Canadian company to hold a board meeting in China when it met in Beijing in 1997.

BMO is heavily entrenched in China, with branches in Beijing, Guangzhou and Hong Kong and a representative office in Shanghai.