Bank of Montreal 1997 Annual Report Download - page 7

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Bank of Montreal 180th Annual Report 1997 5
makes funds more readily available for
companies doing business in Canada,
the United States or Mexico by offer-
ing a seamless service that can track
daily transaction and balance informa-
tion across North America.
A natural outgrowth of Bank
of Montreal’s North American infra-
structure, the cash management
project is the latest example of our
commitment to provide our cus-
tomers with an integrated array of
high-value products and services
in all the markets we serve.
Just as the integration of the North
American economy led us to contem-
plate continental opportunities, the
changing international reality compels
us to look even farther afield to
global markets.
Today, all eyes are focused on
the People’s Republic of China. Our
belief in that country’s potential
has been backed by decisive action.
With the opening of a full-service
branch in Beijing and our submission
of an application for a representa-
tive office in Shanghai, we have signif-
icantly expanded our presence
in
China, which includes branches in
Guangzhou and Hong Kong. In addi-
tion, Bank of Montreal has signed a
memorandum of understanding with
the Industrial and Commercial Bank
of China, the largest state-owned bank
in China, with over 36,000 outlets
and
assets of more than $613 billion.
The Bank’s expansion into
China has been weighed carefully,
and reflects our best analysis of
that country’s superior economic
performance, despite recent turmoil
in Asia. Many of Asia’s emerging
economies, while offering the possibil-
ity of large short-term returns, also
entail more risk than we feel is prudent.
Our approach is a cautious one. We
have therefore focused our activities in
the region to service the needs of our
North American clients and thus
minimize our indigenous exposure.
Concerted, planned expansion into
new geographic markets brings consistent,
stable growth in earnings.