ABU DHABI (Zawya Dow Jones)--Bank of Montreal (BMO) said Monday it is opening a representative office in Abu Dhabi, as the Canadian lender seeks to grow its capital markets and asset management business in the Middle East by gaining better access to the region's sovereign wealth funds.
Toronto-based BMO currently has around $107 billion in assets under management globally, of which $600 million is from clients in the Arab Gulf region.
BMO aims to grow its share of assets under management originating from the Middle East to between 5 and 10% of the bank's total assets under management within five years.
"On the relationship side many of our largest investors are in the Middle East," Chief Executive William Downe told a press conference here.
"Our historical client basis are the sovereign wealth funds and are on the banking side," he said.
On the investment banking side, BMO hopes to play a larger role in project finance, advisory work and corporate finance.
BMO's competitor, Royal Bank of Canada, recently said it plans to beef up its private banking operations in the United Arab Emirates.
For BMO, the focus for now is on institutional money but the lender will consider developing its private banking operations at a later stage.
foxbusiness.com
Toronto-based BMO currently has around $107 billion in assets under management globally, of which $600 million is from clients in the Arab Gulf region.
BMO aims to grow its share of assets under management originating from the Middle East to between 5 and 10% of the bank's total assets under management within five years.
"On the relationship side many of our largest investors are in the Middle East," Chief Executive William Downe told a press conference here.
"Our historical client basis are the sovereign wealth funds and are on the banking side," he said.
On the investment banking side, BMO hopes to play a larger role in project finance, advisory work and corporate finance.
BMO's competitor, Royal Bank of Canada, recently said it plans to beef up its private banking operations in the United Arab Emirates.
For BMO, the focus for now is on institutional money but the lender will consider developing its private banking operations at a later stage.
foxbusiness.com
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