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BNP/Bank of the West bought by BMO

MJ-san
Regular Contributor

BNP/Bank of the West bought by BMO

It's "news" but also credit card related - Bank of the West will join up with BMO Harris. News broken by Bloomberg (after initial reports by WSJ and Reuters)... https://www.bloomberg.com/news/articles/2021-12-20/bmo-agrees-to-buy-bnp-s-bank-of-the-west-for-16-3...

 

By Alexandre Rajbhandari   -  December 19, 2021, 11:08 PM PST Updated on December 19, 2021, 11:31 PM PST

 

Bank of Montreal agreed to buy BNP Paribas SA’s Bank of the West unit for $16.3 billion in cash, extending its banking presence in key U.S. growth markets.

 

BMO said it will fund the transaction, which should add 1.8 million customers upon closing of the deal next year, mainly with excess capital, according to a statement Monday. Bloomberg previously reported that BMO had expressed interest in the unit.

BNP Paribas will use proceeds from the sale for a share buyback, investments and bolt-on deals, Paris-based bank said in a separate statement.

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ChargedUp
Senior Contributor

Re: BNP/Bank of the West bought by BMO

Heck, maybe that Cash Back World MC I have will grow finally!

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IntegerIntrovert
Regular Contributor

Re: BNP/Bank of the West bought by BMO

Let's just hope they keep it an active product. Smiley Happy

Message 3 of 7
BearsCubsOtters
Frequent Contributor

Re: BNP/Bank of the West bought by BMO


@MJ-san wrote:

It's "news" but also credit card related - Bank of the West will join up with BMO Harris. News broken by Bloomberg (after initial reports by WSJ and Reuters)... https://www.bloomberg.com/news/articles/2021-12-20/bmo-agrees-to-buy-bnp-s-bank-of-the-west-for-16-3...

 

By Alexandre Rajbhandari   -  December 19, 2021, 11:08 PM PST Updated on December 19, 2021, 11:31 PM PST

 

Bank of Montreal agreed to buy BNP Paribas SA’s Bank of the West unit for $16.3 billion in cash, extending its banking presence in key U.S. growth markets.

 

BMO said it will fund the transaction, which should add 1.8 million customers upon closing of the deal next year, mainly with excess capital, according to a statement Monday. Bloomberg previously reported that BMO had expressed interest in the unit.

BNP Paribas will use proceeds from the sale for a share buyback, investments and bolt-on deals, Paris-based bank said in a separate statement.


I was wondering when this would happen! With BBVA, HSBC and Mitsubishi UFG (Union Bank) all pulling out of the US I was hoping that BNP Paribas and their hideous logo would go away. 

 

Looks like BMO Harris also has a free checking account to replace BofTW's Any Deposit checking as well. 

 

I wonder if BMO will drop the "Harris" part of the name with this.

 

Thanks for posting!

Message 4 of 7
MJ-san
Regular Contributor

Re: BNP/Bank of the West bought by BMO

I kind of doubt it - Harris was one of the "big banks" in Chicago and when they merged M&I from Milwaukee into the fold, they rebranded to Harris.Although BMO Bank of the West does have a nice ring to it Smiley Happy 

Message 5 of 7
BearsCubsOtters
Frequent Contributor

Re: BNP/Bank of the West bought by BMO


@MJ-san wrote:

I kind of doubt it - Harris was one of the "big banks" in Chicago and when they merged M&I from Milwaukee into the fold, they rebranded to Harris.Although BMO Bank of the West does have a nice ring to it Smiley Happy 


True; though Harris was retained all that time due the importance of the Chicagoland area. Will be interesting to see what happens.

 

Next hopefully: Santander.

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ChargedUp
Senior Contributor

Re: BNP/Bank of the West bought by BMO

Sounds like they're keeping the BMO Harris name according to a press release.

 

The transaction, which has been approved by the BMO and BNP Paribas Boards of Directors, is expected to close by the end of calendar 2022, subject to customary closing conditions, including regulatory approvals. Upon closing, BMO intends to merge Bank of the West into BMO Harris Bank N.A.

 

https://newsroom.bmo.com/2021-12-20-BMO-Financial-Group-accelerates-North-American-growth-with-strat...

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