Bank of Montreal CEO Bill DowneMATHIEU BELANGER
Bank of Montreal is expanding in the Middle East with the opening of a representative office in the United Arab Emirates, which will oversee investment banking and asset management services for clients.
The office, in Abu Dhabi, makes BMO the first Canadian bank with a representative office in the capital city of the UAE. Several Canadian banks have banking relationships across the Middle East, including Royal Bank of Canada, which operates a representative office for RBC Wealth Management in Dubai, the country's largest city.
BMO, Canada's fourth-largest bank by assets, has been banking in the region for nearly half a century and is now looking to put down roots, the bank's chief executive officer Bill Downe said.
"We look forward to strengthening our longstanding ties with the region and to developing many more strong and fruitful relationships in the years ahead," Mr. Downe said in a statement early Monday morning.
The office will provide investment services to BMO's wealth management clients as well as investment banking.
The Middle East is seen as a growing investment market. William Smith, head of the European and Middle East regions for BMO, estimates the market for investment management services there at more than $2-trillion.
Joseph Georgie, who has looked after BMO's banking relationships in the Middle East and North Africa for 15 years will head up the new office, the bank said.
The move comes after Canadian banks have been looking to set up representative offices around the world. Representative offices don't handle daily banking activities as a branch might, but often handle lending, investments and trade financing for companies or investors operating between two countries.
Bank of Nova Scotia and RBC are both seeking permission to open representative offices in Cuba, hoping to position themselves for a possible opening of the Cuban banking sector to more foreign lenders in the future.
Grant Robertson