Toronto-based Bank of Montreal (BMO) is teaming up with the Industrial and Commercial Bank of China Ltd. (ICBC) in a deal that aims to bolster both banks’ product lineups and expand distribution.
BMO announced that it entered into a “broad ranging” memorandum of understanding (MOU) with ICBC that covers a range of business segments, including asset management, corporate banking, project and trade finance, that is intended to allow the two firms to capitalize on their respective capabilities. They will also share best practices on fraud reduction.
“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,” says Gilles Ouellette, group head of BMO Asset Management and vice chairman, international, with BMO.
“We look forward to leveraging the MOU to build on several opportunities, including our asset-management capabilities and other areas,” he adds.