By Hélène Bigras-Dutrisac CoStar News December 20, 2021 | 12:49 P.M.
Bank of Montreal's BMO Financial Group is buying BNP Paribas’ San Francisco-based Bank of the West and its subsidiaries for 21.1 billion Canadian dollars, or 16.3 billion U.S. dollars.
The deal accelerates BMO's commercial banking expansion and marks its entry into California, which BMO called a "highly competitive" market in a statement. About 70% of Bank of the West's deposits are in California, according to the statement.
Bank of the West had about CA$135 billion, or US$105 billion, in assets as of Sept. 30. The deal is expected to give BMO a footprint in 32 U.S states.
Once the deal closes at the end of 2022, BMO will have 514 new branches and commercial and wealth offices. BMO does not plan to close any Bank of the West branches, according to the statement.
The transaction will be funded primarily with excess capital, according to the statement. "This acquisition will add meaningful scale, expansion in attractive markets, and capabilities that will enable us to drive greater growth, returns and efficiencies," said Darryl White, CEO of BMO, in the statement.
Upon closing, BMO intends to merge Bank of the West into BMO Harris Bank NA, its indirectly owned Chicago-based subsidiary, the bank said in its statement. BMO and BNP Paribas did not immediately respond to requests for comment.
All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site. The owner of will not be liable for any errors or omissions in this information nor for the availability of this information. The owner will not be liable for any losses, injuries, or damages from the display or use of this information.
Keywords: San Diego Commercial Real Estate For Sale, Commercial Property In San Diego, Commercial Real Estate In San Diego, San Diego Investment Real Estate, Commercial Property Management In San Diego, San Diego Commercial Property Management, Commercial Property Management San Diego, Managed Commercial Property San Diego, Commercial Property For Sale San Diego, San Diego Commercial Real Estate Leasing, Top Real Estate Agents in San Diego, Commercial Property in San Diego, Property Management Company San Diego, Real Estate Agent in San Diego, San Diego Commercial Real Estate Real Estate Agent Contact Us Brokerage, Property Management