Posted on 20 Dec. 2021 at 13:25Updated 20 Dec. 2021 at 16:42
The sale of Bank of the West by BNP Paribas to the Bank of Montreal (BMO) is a new illustration of the consolidation movement in the American banking market and underlines the decline of certain European or Asian groups across the Atlantic. Announced this Monday morning for an amount of 16.3 billion dollars, the operation is a golden opportunity for the French bank, which achieved few synergies with its Californian subsidiary.
Despite the high purchase price, it is also a chance for BMO, which is the fourth largest bank in Canada. “Thanks to the strength of our performance and our integrated bases in North America, we have never been better positioned to take the next step in our growth strategy and serve the new customers and employees we look forward to welcoming.” within BMO, ”said boss Darryl White.