The Bank of Montreal (BMO) has signed a new memorandum of understanding (MoU) with the Industrial and Commercial Bank of China (ICBC), China’s largest bank, in the aim of enhancing the global footprint of both firms.
The agreement is broad, covering a number of areas including asset management, corporate financing, trade financing and fraud reduction techniques.
“This arrangement creates a special opportunity for our two institutions to build on a historic partnership and work together to explore unique synergies, such as combining BMO's award-winning global suite of investment products with the reach of ICBC – the world's largest bank – in China, Canada and beyond,” said Gilles Ouellette, Group Head, BMO Asset Management, and Vice-Chair, International, BMO Financial Group.
“We look forward to leveraging the MOU to build on a number of opportunities, including our asset management capabilities and other areas.”
Additionally, BMO also announced that it has appointed Mike Stritch as its new Chief Investment Officer – the firm’s current Senior Vice President and National Head of Investments.
Stritch will continue retain these responsibilities in his new role, having led the company’s US wealth management investment strategy since 2015, with over 20 years’ experience in the industry.
“Mike's extensive experience in investments will enable us to continue delivering industry-leading insights and driving our investment strategy forward,” said Darrel Hackett, President, BMO Wealth Management US “Our strong investment team under Mike's leadership is poised to continue guiding our clients and serving as an essential partner to all their investment matters.”
Stritch replaces BMO’s Chief Investment Officer of 16 years, Jack Albin, at the end of January.