On February 20, 2012, BMO announced that it had entered into a definitive agreement to acquire a 19.99% interest in COFCO Trust Co., expanding its wealth management presence in China.

On February 20, 2012, BMO announced that it had entered into a definitive agreement to acquire a 19.99% interest in Beijing-based state-owned COFCO Trust Co., which is the maximum investment permitted for foreign investors.  COFCO has approximately $5.7 billion in assets under management.  The transaction is expected to expand BMO’s offering to high net worth and institutional clients in China.  The terms of the deal, which is subject to the approval of the China Banking Regulatory Commission and the Office of the Superintendent of Financial Institutions of Canada, were not disclosed. 

To read the press release, please click here.