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Two-Ends of Global Expansion: Canadian Banks in China and Chinese Banks in Canada, 2012

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Two-Ends of Global Expansion: Canadian Banks in China and Chinese Banks in Canada, 2012 TWO-ENDS OF GLOBAL EXPANSION: The five major domestic banks in Canada and CANADIAN BANKS IN CHINA AND the big four Chinese state-owned banks have varying 1 international positions and growth trajectories. In CHINESE BANKS IN CANADA, 2012 particular, the Canadian banks currently have different goals for activities in and involving China, while the This note outlines current activities and goals Chinese banks have different goals for expansion in of major Canadian banks in China and major Chinese Canada. banks in Canada. Canada Big 5: BMO, Scotia, RBC, CIBC, TD China Big 4: ICBC, BOC, CCB, ABC, plus HSBC OVERVIEW OF BIG 5 CANADIAN BANKS Canada Big 5 Financial Summary (C$ billion; year As you read the note, consider the following end 10/2012) questions. RBC TD Scotia BMO CIBC 1. What will be the major opportunities over the next Assets $825 $811 $668 $525 $393 five to ten years for Canadian banks in China and for Chinese banks in Canada? Market value $82 $74 $64 $38 $32 2. What key challenges will the banks face in taking Revenue $38 $30 $26 $21 $17 advantage of the opportunities? ROS 20% 21% 24% 20% 19% 3. Why do you believe that several prior expansion attempts have struggled? ROA 0.9% 0.8% 0.9% 0.8% 0.8% Employees 80k 78k 81k 46k 43k Asset growth: 10 19 12 8 6 1983-2012 Asset rank: 1983 1 5 4 3 2 1 This class note draws on reports by Weihua Wang and Naira Chaloyan (BMO) and Kar-Kin Chan, Ping He, Gabriel Matzner, Chao Yu, and Andres Lozano (ICBC) of the Rotman School of Management, plus information gathered by Will Mitchell. All information is based on public sources. Prepared January 2013, revised October 2013. 1 BMO Canada, BMO has significant share of Chinese business immigrants and international students. Bank of Montreal (BMO) is the first Canadian bank, found in 1817 in Montreal by nine Within China, BMO has targeted the growing merchants. As of 2012, BMO is the fourth largest number of middle class and high net worth individuals. Canadian bank as measured by market value, with Early in May 2003, BMO became the first foreign $525 billion in total assets. Like other major Canadian company to acquire an equity interest in one of the banks, BMO is a full service bank with businesses original ten Chinese fund firms: Fullgoal Fund spanning Canadian retail banking, US retail banking, Management Company Ltd. This co-operation aimed wealth management, and capital markets. In 2012, to develop China’s potential in asset management, 75% of adjusted net income came from the retail investment funds, and pensions. In August 2012, BMO business. In 1987, BMO acquired the securities dealer completed its acquisition of 19.99% interest in China’s Nesbitt Thomson Inc., one of Canada’s oldest and COFCO Trust Co., a subsidiary of COFCO Group. most respected investment houses, which added This investment has the goal of helping BMO leverage investment and asset management capabilities. BMO its wealth management and capital markets experience has a long history in Chicago and New York. The and to assist COFCO Trust in developing its offering. acquisition of Harris Bankcorp in 1984 strategically Current opportunities in China include regional branch expanded its footprint in the US and also brought in network expansion (e.g., Zhejiang, Jiangsu, Fujian, the strength in investment banking and mid-market and Guangdong), wealth management partnerships commercial banking. Beyond North America, BMO (e.g., insurance, tax planning, estate planning), talent also has a strong global presence, including Europe, recruitment (e.g., via the BMO Learning Institute), and South America, and Australia, and Asia. technological expansion (e.g., using InvestorLine in China). China is important for BMO’s global strategy. BMO in China timeline BMO’s connection to China dates back in 1818 (three 1982: Opens rep office in Beijing months after its opening in 1817) when the bank undertook its first foreign exchange transaction in 1995: Gains branch license in Guangzhou support of trade with China. BMO renewed its 1996: Gains branch license in Beijing connection with China in 1982 after China started 2003: Obtains equity interest in Fullgoal Fund economic reforms. BMO’s business engagement in Management Co. China ranges from personal banking to wealth 2004: First Canadian bank to be granted a license management to investment banking. In October 2010, by the China Banking Regulatory Commission to BMO officially opened its new incorporated sell derivative instruments in China. subsidiary, Bank of Montreal (China) Co. Ltd. (BMO 2005: Only Canadian bank selected as market- ChinaCo). It has branches in Beijing, Guangzhou, maker for foreign exchange trading in China Shanghai, and Hong Kong. These branches work to through the interbank China Foreign Exchange establish relationships and provide financing in trade Trade System (CFETS). finance, corporate lending, treasury products, foreign 2005: Guangzhou branch is first Canadian bank exchange, and immigration banking. BMO is location to receive license to provide RMB local positioning itself in China to capture new Canadian- currency service such as deposits and loans to Chinese businesses that are starting to emerge as a both foreign and local companies in China. result of Chinese government relaxing rules on foreign 2005: Fullgoal receives license to manage ownership and speeding up privatization corporate pension plan assets in China, along with three other foreign financial institution joint In addition to providing financial solutions to ventures. businesses that are doing businesses across the 2006: Investment banking arm is one of six Canada-China border, BMO ChinaCo has targeted financial institutions, and only Canadian financial business from new immigrants and international institution, to act as co-lead Manager of Bank of students. BMO ChinaCo partners with immigration China's IPO in Hong Kong. consultants in China who refer business class immigrants and other high net worth clients to wealth 2006: Beijing branch becomes first Canadian bank management group in Canada. It also sponsors an in Beijing to be authorized to conduct RMB annual booklet called “Best Education in Canada”. business. This booklet has been well received by students who January 2007: BMO Board of Directors meeting are interested in pursuing education in Canada. Within held in Shanghai. 2008: Gains branch license in Shanghai 2 2010-2011: Signs mutual referral agreement with Scotiabank the Agricultural Bank of China, establishing a Scotiabank (formerly Bank of Nova Scotia) subsidiary in China. was founded in 1832. Scotiabank’s current vision is “to be the best at helping customers become Other items about BMO in China financially better off by providing practical advice and First Canadian bank to establish investment bank relevant solutions”. The bank has four business lines: representative office. Canadian banking, international banking, global Only Canadian bank chosen as market maker for banking and markets, and global wealth management. FX trading in China. It takes pride in being the most international Canadian First foreign bank permitted to invest in a Chinese bank. In fiscal 2012, Scotiabank had net income of mutual fund company. C$6.466 billion, almost tied with TD, the second First Canadian bank and one of a few of foreign largest bank in Canada. Its net includes Canadian banks to participate as a market-maker in China’s Banking C$1,938 million, International banking foreign exchange market, starting in 2002. C$1,734 million, Global Wealth Management C$1,170 First Canadian bank in China to price and trade million, and Global Banking and Markets C$1,492 foreign exchange forwards. million. Pioneer in Chinese foreign exchange market, Scotiabank states on its website that it has the consistently ranking among the top 10 banks in largest presence in mainland China among all China (domestic and foreign) for the past 10 Canadian banks. Scotiabank has been in China since years. 1982, with multiple activities. Scotiabank has offices 2012: Branches in China in Beijing, Guangzhou, and branches in Beijing, Guangzhou, Chongqing, and Shanghai, and Hong Kong. Shanghai with foreign and local currency capabilities. Scotiabank entered a partner relationship with China Ever-bright Bank (which has 119 branches) to create the Scotiabank Start-Right Program that helps new immigrants and international students open accounts, set up credit cards, and transfer money before they come to Canada. It also owns about a 15% stake in Xi’an City Commercial Bank. In 2011, it arranged to purchase a 20% stake in the state-owned Bank of Guangzhou for $719 million. In corporate banking, the bank offers extensive services of both syndicated and individual corporate loans, financing, and restructuring for Chinese companies. Within the AsiaPacific, Scotiabank also has activities in Thailand. In 2009, Scotia increased its stake in Thanachart Bank to 49%, the Thai maximum foreign ownership. The next year Thanachart acquired Siam City Bank, becoming Thailand's fifth- biggest bank. 3 RBC TD RBC (formerly Royal Bank of Canada) was The TD Bank Group (formerly Toronto founded in 1864. RBC is the largest Canadian bank by Dominion Bank) was formed by the 1955 merger of market capitalization and assets. RBC has five the Bank of Toronto (founded 1855) and the Dominion business units: Canadian banking, international Bank (founded 1869). The bank operates as TD banking, wealth management, capital market, and Canada Trust in Canada and as TD Bank in the U.S. insurance. RBC has the #1 or 2 market position in (formed through a series of acquisitions during the almost all of the business/product lines. Its net income 2000s). The TD Group includes subsidiaries for retail, in F2012 reached C$7.6 billion, CS1.1 billion ahead of commercial, investment, and other services, created its closest competitor TD. RBC’s strategic goals are: through a series of acquisitions (primarily in Canada (1) In Canada, to be the undisputed leader in financial and the U.S.) and internal expansions.
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