BMO Financial Group (BMO: Quote,BMO.TO: Quote) said it has entered into a definitive agreement to acquire a 19.99 percent interest - the maximum permitted for a foreign investor - in COFCO Trust Co., a subsidiary of COFCO Group. Terms of the deal were not disclosed.
Gilles Ouellette, president and chief executive officer of BMO Financial Group's Private Client Group and chairman of BMO ChinaCo, commented, "BMO can leverage its North American wealth management and capital markets experience to assist COFCO Trust in developing its wealth management offering. COFCO Trust provides us with a leading entry point and greater flexibility to offer a wider variety of wealth management products directly or through third parties. It complements our investment management capabilities provided by Shanghai-based Fullgoal Fund Management Co. and Hong Kong-based Lloyd George Management."
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by RTT Staff Writer
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