Paris, 18 January 2023
Receipt of all regulatory approvals for the completion of the sale of Bank of the West to BMO Monetary Group
On December 20, 2021, BNP Paribas introduced that it had entered into an settlement with BMO Monetary Group for the sale of its retail & industrial banking actions in america performed via its subsidiary Financial institution of the West, Inc (“the Transaction”)1.
BMO Monetary Group confirmed the receipt of all regulatory approvals required to finish the acquisition of Financial institution of the West. No additional regulatory approvals are required to finish the Transaction.
The Transaction is anticipated to shut on February 1, 2023, topic to the satisfaction of the remaining customary closing situations set forth within the settlement.
Last monetary impacts of the Transaction can be supplied on February 7, 2023, along with the publication of BNP Paribas 2022 Annual Outcomes.
Jean-Laurent Bonnafé, BNP Paribas Group Director and Chief Govt Officer, mentioned:
“I want to warmly thank Financial institution of the West and BNP Paribas groups who’ve been working intently with BMO Monetary Group these final months as a way to put together the closing of the transaction and the transition to BMO Monetary Group.
BNP Paribas continues to profit from a long-term presence in america and notably a robust Company & Institutional Banking franchise which has been lately bolstered. BNP Paribas’ arrange in america stays a strategic pillar for its growth. Subsequently, the Group will proceed to consolidate and additional develop its Company & Institutional Banking franchise to higher serve multinational purchasers’ wants.”
About BNP Paribas
BNP Paribas is the European Union’s main financial institution and key participant in worldwide banking. It operates in 65 international locations and has practically 190,000 staff, together with practically 145,000 in Europe. The Group has key positions in its three fundamental fields of exercise: Business, Private Banking & Companies for the Group’s industrial & private banking and several other specialised companies together with BNP Paribas Private Finance and Arval; Funding & Safety Companies for financial savings, funding and safety options; and Company & Institutional Banking, targeted on company and institutional purchasers. Based mostly on its robust diversified and built-in mannequin, the Group helps all its purchasers (people, neighborhood associations, entrepreneurs, SMEs, corporates and institutional purchasers) to understand their tasks via options spanning financing, funding, financial savings and safety insurance coverage. In Europe, BNP Paribas has 4 home markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its built-in industrial & private banking mannequin throughout a number of Mediterranean international locations, Turkey, Japanese Europe in addition to by way of a big community within the western a part of america. As a key participant in worldwide banking, the Group has main platforms and enterprise traces in Europe, a robust presence within the Americas in addition to a stable and fast-growing enterprise in Asia-Pacific. BNP Paribas has carried out a Company Social Duty strategy in all its actions, enabling it to contribute to the development of a sustainable future, whereas making certain the Group’s efficiency and stability.
Press contact
Sandrine Romano – sandrine.romano@bnpparibas.com – +33 6 71 18 23 05
Hacina Habchi – hacina.habchi@bnpparibas.com – +33 7 61 97 65 20
1 For particulars on the announcement, please seek advice from the next press launch: bnp-paribas-reached-an-agreement-with-bmo-for-the-sale-of-bank-of-the-west (make investments.bnpparibas)
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