Agricultural Bank of China and Bank of Montreal have partnered to launch a referral arrangement that will provide their respective clients with access to cross-border private banking financial services.

Part of the agreement will see representatives of both banks provide high net worth clients in China with information about overseas studies, immigration and other cross-border financial services and solutions.

"The cooperation between ABC and BMO will be a big step for the development of ABC's private banking department," said Zhu Hongbo, executive vice president of Agricultural Bank of China.

The firm said the cooperation between ABC and BMO would help ABC complement its business ranges and promote service model innovations.

"We are pleased to deepen our longstanding relationship with ABC. This is a great opportunity for our clients who require local private banking services in China," said Gilles Ouellette, president and chief executive of BMO’s private client group and chairman of BMO (China).

"Private banking is an important part of BMO's Asia growth strategy. This relationship enhances our ability to better meet the needs of our high-net worth clients and complements our established presence in China, including our equity interest in Fullgoal Fund Management and our recently announced agreement to acquire Hong Kong-based Lloyd George Management, Ouellette added.

ABC launched its private banking services in 2010; ABC Private Banking services include personal financial management, asset management, private financial consulting, private value-added and personal cross-border financial advice. Headquartered in Shanghai, the private banking business has 12 branches across China in Beijing, Tianjin, Shanghai, Jiangsu, Zhejiang, Shandong, Hubei, Guangdong, Qingdao, Ningbo, Xiamen, and Shenzhen.