BMO China seeks to enhance infrastructure capabilities to drive growth in Asia
Fang Bourne, COO of BMO China, discusses the bank’s incorporation in Beijing and challenges faced in implementing its Asian growth strategy. December 20, 2012 | Carol WheatcroftFang Bourne, Bank of Montreal (BMO) China’s recently appointed chief operating officer, spoke clearly about what was needed to execute BMO’s unique Asian growth strategy. “We are aiming to unify our processes to do the same with less, yet more with what we have,” she said in a recent interview with The Asian Banker, where she discussed the challenges of executing the strategy. For many years, BMO China was merely a representative office of its Canadian parent before becoming a full-fledged branch. In September 2010, the bank fully incorporated in China following a decision to make Beijing its Asian headquarters, the first time a foreign bank had made such a decision. This opened up more business opportunities for the bank – the bank’s business has seen annual growth rates of over 20% for the past few years with more of the same forecast for the next five years – but it has also created new challenges as the business localises. The bank is adopting a two-pronged approach to growing its Asian business; organic growth for the existing wholesale corporate and investment banking businesses and a strategy of acquisition for private banking and wealth management. BMO acquired Hong Kong-based investment advisers Lloyd George Management, completed strategic investments in COFCO Trust and Fullgoal Fund Management, and has plans to further expand its private banking capabilities in the region. Bourne acknowledged that during its years as a representative office and branch, the bank’s approach to IT infrastructure had been piecemeal driven by events. However, following local incorporation in mainland China, and with a clearly defined growth strategy in place, the bank plans to implement building blocks for new infrastructure capabilities. Additional staff, processes and systems will be needed to allow the bank to scale its business and meet new demands including those of the local Chinese regulators. From a technology perspective, ... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: China, Core Banking, Retail Banking, Technology & Operations, Wealth ManagementChina,Core Banking,retail,technology,Wealth Management, China,Core Banking,Retail Banking,Technology & Operations,Wealth Management, Keywords:Fang Bourne, BMO, Lloyd George Management, COFCO Trust, Fullgoal Fund Management, Wholesale Banking, Corporate Banking, Oracle Fang Bourne, BMO, Lloyd George Management, COFCO Trust, Fullgoal Fund Management, Wholesale Banking, Corporate Banking, Oracle
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