Bank of Montreal to reorganize international capital markets business, memo shows

Bank of Montreal BMO-T will reorganize its international capital markets business under a single leadership structure, with Asia head Chris Taves set to retire next year, according to a memo seen by Reuters.

Richard Couzens will become head of international capital markets, expanding his role as head of BMO Europe, Middle East and Africa (EMEA) effective Nov. 1, Alan Tannenbaum, the CEO of the bank’s capital markets business, said in the memo on Thursday.

Taves will step down on Jan. 31, 2027, the memo said. He joined the bank in 2009 and was appointed head of Asia for BMO Capital Markets in January, 2024.

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He will work with Couzens in the first quarter of 2027 to support the Asia team, along with Asia head of global markets, Glenn Anson, and China head, Lisa Xia, the memo added.

BMO did not immediately comment on the appointment. Banks have focused on capital markets abroad to diversify their business amid trade tensions between the United States and Canada. Prime Minister Mark Carney’s international visits and business-friendly policies have also boosted investor sentiment.

“Our international businesses remain a strategic priority as we continue to expand our global capabilities and deepen client relationships across regions,” Tannenbaum said in the memo. BMO was the first Canadian bank to incorporate in China.