French bank BNP Paribas and Bank of Montreal (BMO) on Tuesday reached a cross-border commercial agreement “to improve coverage and global access to commercial banking customers” and they also plan to partner for leasing services.
Our agreement with BMO Financial Group will allow us to offer our commercial banking customers seamless cross-border cooperation and BMO customers to access our international roots in more than 65 countries, underlined Caroline Pez-Lefevre, Vice President of One Bank. for Corporates at BNP Paribas, in a joint press release.
It follows the sale by BNP Paribas of Bank of the West, its American subsidiary, BMO, the eighth largest bank for its assets in North America and which boasts 12 million customers. Announced in December 2021, this sale was completed on February 1, 2023 for an amount of $16.3 billion.
BMO will leverage Bank of the West’s international customer support team to provide best-in-class service to new customers and ensure service continuity for Bank of the West’s international customers, the statement said. Tuesday.
The bilateral agreement also provides for a global partnership to offer leasing services: through the creation of a major player in the field of equipment financing.
New and existing vendor partners will be able to access end-to-end asset finance services, including inventory finance, point-of-sale and leasing solutions, the statement continued.
Alongside BMO, Co-Head of Commercial Banking Dan Marszalek hailed a powerful global coverage model that gives our clients access to more opportunities in Canada, the US and around the world.