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Bank Of Montreal Eyes Singapore For Wealth Operations - Report
Eliane Chavagnon
17 May 2012
Canada’sBank of Montreal is looking to launch wealth management operations
in Singapore, The Wall Street Journal
reports. The publication cited The Wealth
Report 2012 by Knight Frank and Citi Private Bank, which found that the number
of centa-millionaires (those with over $100 million in assets) is expected to increase by 67 per cent over the
next four years in Singapore. BMO has been driving its presence in Asia in recent months, as indicated
by its acquisition of
a significant interest in one of China’s largest state-owned enterprises - COFCO
Trust - in February. Additionally, earlier this month, the bank launched a representative
office in Abu Dhabi, to cover the Middle East and North Africa asset management
and investment banking markets. "We're looking at countries like Singapore in a not-so-distant future. Hopefully we can move forward there as well," Jacques Menard, chairman of the Nesbitt Burns division, told The Wall Street Journal in an interview.