BMO completes Bank of the West acquisition

BMO Financial Group received all regulatory approvals required to complete the acquisition of Bank of the West which was previously owned by BNP Paribas. The transaction closed on 1 February 2023.

BNP Paribas said the final financial impacts of the sale will be provided on 7 February 2023, together with the publication of the bank’s 2022 Annual Results.

The sale of the US retail bank does not alter BNP Paribas’ plans in the US market which will be driven by the bank’s

Corporate & Institutional Banking franchise which has been recently reinforced. BNP made several senior appointments in its global markets Americas division as part of its plans to grow its global equities, global credit and global macro franchises in the region, following the reorganisation of its global markets business.

Bank of the West has been BNP Paribas’ main outlet for retail structured products in the US market since 2010. The French bank marketed close to 100 marketlinked certificates of deposits (MLCDs) with an estimated value of US$605m..