Canada’s BMO Financial Group and Industrial and Commercial Bank of China (ICBC) have inked a memorandum of understanding (MoU) to expand product offerings and distribution capabilities.
The MoU will allow the two banks to cooperate in the areas of asset management, corporate and project financing, as well as trade finance.
In addition, it will also allow the two parties to share techniques for mitigating fraud and work together in the area of cross-border RMB.
Commenting on the alliance, BMO Asset Management group head and BMO Financial Group vice-chair Gilles Ouellette said: “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.
“We look forward to leveraging the MOU to build on a number of opportunities, including our asset management capabilities and other areas.”