BNP Sells Bank Of The West In $16.3B Deal Built By 3 Firms

By Benjamin Horney (December 20, 2021, 9:27 AM EST) -- France-based BNP Paribas, led by Sullivan & Cromwell, is selling San Francisco-based financial services unit Bank of the West to Montreal's BMO Financial Group, advised by Wachtell and Osler Hoskin, in an agreement worth $16.3 billion, the companies said Monday.

The transaction, rumored since November, features BNP Paribas SA divesting a business that had roughly $105 billion in assets under management as of Sept. 30, according to a statement. Formed in 1874, Bank of the West Inc. services retail, small business, commercial and wealth clients, with a significant presence in the U.S., particularly California. The acquisition adds to BMO's portfolio about...

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