On December 20, 2021, BNP Paribas announced that it had entered into an agreement with BMO Financial Group for the sale of its retail & commercial banking activities in the United States conducted through its subsidiary Bank of the West, Inc (“the Transaction”)[1].
BMO Financial Group confirmed the receipt of all regulatory approvals required to complete the acquisition of Bank of the West. No further regulatory approvals are required to complete the Transaction.
The Transaction is anticipated to close on February 1, 2023, subject to the satisfaction of the remaining customary closing conditions set forth in the agreement.
Final finacial impacts of the Transaction will be provided on February 7, 2023, together with the publication of BNP Paribas 2022 Annual Results.
Jean-Laurent Bonnafé, BNP Paribas Group Director and Chief Executive Officer, said:
“I would like to warmly thank Bank of the West and BNP Paribas teams who have been working closely with BMO Financial Group these last months in order to prepare the closing of the transaction and the transition to BMO Financial Group.
BNP Paribas continues to benefit from a long-term presence in the United States and notably a strong Corporate & Institutional Banking franchise which has been recently reinforced. BNP Paribas’ set up in the United States remains a strategic pillar for its development. Therefore, the Group will continue to consolidate and further develop its Corporate & Institutional Banking franchise to better serve multinational clients’ needs.”
- ^ [1] For details on the announcement, please refer to the following press release: bnp-paribas-reached-an-agreement-with-bmo-for-the-sale-of-bank-of-the-west (invest.bnpparibas)
