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BMO could acquire Bank of the West for more than $16 billion

The BMO Financial Group can finally proceed with the acquisition of Bank of the West, a banking network of the French giant BNP Paribas, present in 32 American states.

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The transaction, valued at more than $16 billion, has received regulatory approval more than a year after it was announced in December 2021. The transaction is now expected to be completed by February 1, while the integration of Bank of the West’s activities will take place gradually until next September.

The Bank of Montreal will get its hands on the portfolio of 1.8 million customers built by Bank of the West and the company’s 9,300 employees. BMO’s US network will also add more than 1,000 branches and 42,000 ATMs.

“Upon completion and pending the transition of the combined banks’ systems, which is expected in early September 2023, customers will continue to receive services at their respective Bank of the West and BMO branches, websites and mobile apps,” BMO said.