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Our Bureau

Mumbai, Nov. 4 Bank of Montreal’s financial services arm BMO Capital Markets announced on Tuesday it would launch its investment banking services in India by the year-end.

The bank will set up its Mumbai office in the next 45 days, Mr Michael R.P. Rayfield, the Vice-Chair of Investment and Corporate Banking said.

In the first phase, the company would focus on outbound mergers and acquisitions — mainly in North America and Europe — in the mining and metals, health care, oil and gas, IT and industrial production sectors, Mr Ashutosh Sharma, the India representative of the investment bank, said.

“Parked on the side would be the food and agriculture, and infrastructure sectors,” said Mr Rayfield.

BMO Capital would assist those unlisted Indian companies, which are looking at getting listed in Toronto and in London’s AIM, Mr Sharma added.

The company will collaborate with Ernst and Young for its Indian operations. “We will be working with E&Y to develop cross border opportunities between India and North America,” said Mr Rayfield.

With the current global financial turmoil, many foreign institutions are expected to trim down their Indian operations, which Mr Rayfield said was “good news for us as a lot of our competitors are out of business!”

The company has organised an India Investor Tour, which will take place in the next two weeks; 15 global institutional investors with assets under management of over $2 trillion will participate. “It will be a week-long road show, where 20 issuers will make presentations on the five sectors that we will be focusing on. It will take place in Mumbai, Delhi and Bangalore,” he said.

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