BMO completes strategic investment in COFCO Trust Co
BMO has completed its previously-announced acquisition of a 19.99 per cent interest - the maximum permitted for a foreign investor - in COFCO Trust Co, a subsidiary of COFCO Group.
COFCO Trust Co was established in 2009 and had assets under management of RMB36bn (USD5.7bn) as at 31 December, 2011.
The completion of the acquisition followed receipt of all required regulatory approvals. Terms of the deal were not disclosed.
"This strategic investment will allow BMO to leverage its wealth management and capital markets experience to assist COFCO Trust in developing its offering," says Gilles Ouellette (pictured), president and chief executive officer, private client group, BMO Financial Group and chairman of the board, Bank of Montreal (China).
"We are very pleased and excited to have finalized this new partnership with BMO. We look forward to both companies creating value in COFCO Trust and to participating in China's fast-growing financial services market in a strong and fruitful partnership," says Ning Gaoning, chairman of COFCO Group.
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