Montréal, October 8, 2013 – Montréal International (MI) and Finance Montréal welcome Bank of China’s decision to open its first branch in Greater Montréal. Its goal is to become the preferred partner for Chinese companies investing in Québec and for Québec companies that do business in China.
“The decision to open a location in Greater Montréal, a world-class financial centre, is in line with a development strategy to position Bank of China in a new, dynamic market located in a stable and diversified economy,” said Lijun Wang, Chief Executive Officer of Bank of China (Canada).
This new step further strengthens economic ties between China and Québec. “We offer tailored financial products and services which enable Québec businesses to take advantage of Chinese currency internationalization and use the Yuan Renminbi (RMB) in trade transactions with continental China,” Wang added. “Bank of China will also be extending its consumer services – in particular to members of Montréal’s Chinese community,” he explained.
Montréal International, whose mission includes attracting direct foreign investment to Greater Montréal, supported the Bank’s endeavours to set up in the region. “Bank of China’s arrival in Greater Montréal is excellent news for the region’s economic growth as it will help attract new Chinese investment and enable Québec businesses to have easier access to the Chinese market,” said Élie Farah, Vice President, Investment Greater Montréal, Montréal International. “China is one of the biggest sources of direct foreign investment in Canada, so supporting increased trade and investment between our two countries is very important.”
A stable, competitive and reliable financial sector
“We are delighted that Bank of China has decided to open this branch in Montréal. This strategic decision confirms Greater Montréal’s importance as a world-class financial centre. Bank of China will be able to take advantage of a stable regulatory environment and Canada’s solid financial system to the benefit of its local and foreign clients. We will continue our efforts to strengthen business ties with Chinese authorities in the coming weeks and capitalize on the strengths of Montréal’s financial centre,” said Eric Lemieux, Chief Executive Officer of Finance Montréal and the International Financial Centre of Montréal. According to data published in a report by global accounting firm KPMG in March 2013, Canada has edged out Australia to become the world’s top destination for Chinese foreign investment.
About Bank of China
Founded in February 1912, Bank of China has the largest international presence of all Chinese banks and is the most diversified, offering a full range of financial services in continental China, Hong Kong, Macau and 31 other countries. In 2009, it placed 11th in terms of Tier 1 capital on The Banker’s Top 1000 World Banks ranking. It has received Euromoney’s “Best Bank in China” award eight times and has appeared on the Fortune Global 500 list 18 years in a row. Bank of China was one of the 26 world banks in 2012.
About Bank of China (Canada)
Bank of China (Canada), a subsidiary of Bank of China, was incorporated in Canada in 1992. The Bank offers a wide range of commercial banking services such as deposits, loans, remittances, trade finance, foreign exchange and Canadian dollar clearing. Bank of China currently has 10 branches across Canada, including five in Greater Toronto, three in Greater Vancouver, one in Calgary and one in Montréal.
The new Montréal branch is located at 1000 Sherbrooke Street West (Suite 920).
About Montréal International (www.montrealinternational.com)
Montréal International (MI) was created in 1996 as a result of a private/public partnership. Its mission is to contribute to the economic development of metropolitan Montréal and to enhance its international status. Its mandates include attracting foreign investment, international organizations and strategic international workers to the metropolitan region, and promoting Greater Montréal’s competitive environment. Montréal International is financed by the private sector, the governments of Canada and Québec, the Communauté métropolitaine de Montréal (Montréal Metropolitan Community) and the City of Montréal.
About Finance Montréal
Finance Montréal, Québec’s financial cluster, was created in 2010 by major players of the financial services industry at the invitation of the Québec Government. Finance Montréal’s mission is to continuously expand Montréal’s reputation on the world financial markets, promoting the city as a strong and innovative industrial hub that contributes to Québec’s economic development. The organization helps strengthen Québec’s financial sector by generating growth in high value-added financial activities strategic to its development. A non-profit organization with 22 Governors, 12 Associate Members and close to 100 volunteer professionals, Finance Montréal fosters cooperation among a vast range of financial sector companies to watch over the industry’s common interests while generating higher awareness of the financial specializations found in Montréal.