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BMO becomes first Canadian bank to be granted derivatives licence in China


Date: Monday, November 8, 2004

BMO Financial Group announced today it has become the first Canadian bank to be granted a licence to sell derivatives instruments in China. The licence, issued by the China Banking Regulatory Commission (CBRC), will enable BMO to sell derivatives instruments in interest rates, foreign exchange, credit and other related structures to Chinese companies and financial institutions. “This licence greatly enhances BMO’s capital markets businesses in China and will help leverage our number one foreign bank position in the foreign exchange markets in the country,” said David Hyma, vice chairman and dead of capital markets, BMO Nesbitt Burns. “It is a great credit to our foreign exchange team in China that we are the first of the Canadian banks and one of only six foreign banks to be granted such a licence,” he added. BMO's capital markets group in China comprises 10 professionals who provide a broad range of foreign exchange, fixed income and interest rate derivatives and related structures to corporate and institutional clients. In addition to its FX capabilities, BMO is a leading provider of credit derivatives. BMO has branches in Beijing, Guangzhou and Hong Kong.