(MENAFN- PR Newswire)
- License enables BMO to engage in the marketing, sale and distribution of foreign fixed income securities
TORONTO, Aug. 4, 2022 /PRNewswire/ - BMO Financial Group (TSX: BMO) (NYSE: BMO ) today announced its registration as a Securities Licensed company in Japan, marking the expansion of its footprint in the world's third largest economy and Canada's fourth largest export partner. The license enables BMO to enhance the service it provides to existing clients, attract new clients who prefer to deal with onshore banks, and engage in the marketing, sale and distribution of foreign fixed income securities including US & Canadian Rates, Credit and Securitized Products, setting the foundation for expansion of other BMO businesses.
'We're excited about our growth potential in Japan and the opportunity to better serve our growing onshore client base with product expertise well suited to the needs of domestic Japanese investors,' said Rob Yeung, Country Head of International & Head of Global Equities and Financing Solutions, BMO Capital Markets. 'Expanding our business in Japan aligns with BMO Capital Markets' strategy to build a premier distribution capability both Internationally and in North America. We're looking forward to being able to tap into a deep pool of Global Markets talent to complement our Asia coverage efforts.'
'BMO applied for a Securities license after a strategic review that showed a high correlation between our Global Markets products and demand in Japan,' said Yuko Kamiya, Representative Director, BMO Japan Securities Ltd. in Japan. 'Japan is the largest foreign holder of US Treasuries, large investors of mortgages and securitized products and one of the most active foreign participants in Canadian bonds.'
BMO opened its first Representative office in Japan in 1962, followed by a bank branch that operated from 1981 until 1996. Since then, BMO's Japanese clients have been served from its Hong Kong branch. In 2020 BMO established a Tokyo Representative office, paving the way for the establishment of the newly licensed BMO Japan Securities Ltd. About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $1.04 trillion as of April 30, 2022, and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group
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