BNP Paribas exits US retail market in mega $16.3bn sale

Mark Battersby
clock • 2 min read

BNP Paribas has reached an agreement with BMO Financial Group for the sale of 100% of its retail & commercial banking activities in the US conducted through its subsidiary Bank of the West, for $16.3bn. The deal is expected to formally close during the course of 2022, after approval of the relevant antitrust and regulatory authorities. The total agreed consideration is to be paid in cash. Bank of the West has contributed an average of approximately 5% to the BNP Paribas Group pre-tax earnings over the last few years and represents 20.5% of its market capitalisation. BNP Pariba...

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