BMO Financial Group's China business has grown by about 20 percent and it is to strengthen growth and open opportunities for acquisition activities, its president and chief executive officer said in Shanghai yesterday.

China is the fastest growing market for Canada-based BMO, said President and CEO William Downe.

The bank is open to opportunities for acquisition of Chinese banks or setting up investment bank joint ventures with local partners.

International business, excluding the United States market, accounted for 5 percent of the bank's net income with China the biggest contributor.

The bank focuses on asset management, investment banking, trade finance and other wholesale business in China rather than on retail banking.

The oldest Canadian bank has four branches in China- Beijing, Guangzhou, Hong Kong and Shanghai branches.

The bank opened its Shanghai branch by upgrading a previous representative office in May.

It provides North American and Chinese clients with products in trade finance, corporate financing, treasure products, term deposits, foreign exchange and US dollar accounts.

The branch also offers advice for Chinese seeking to immigrate to Canada.

The bank holds 28-percent stake of Shanghai-based Fullgoal Fund Management Co.

(Shanghai Daily June 20, 2008)