BMO receives regulatory approval for Bank of the West acquisition

TORONTO –

BMO Financial Group says it has obtained the entire regulatory approvals required to finish its settlement to purchase California-based Bank of the West from BNP Paribas.

BMO expects to shut the deal for the U.S. financial institution on Feb. 1, topic to customary situations.

The Canadian financial institution introduced its settlement to purchase Bank of the West in December 2021 for US$16.3 billion.

BMO says the deal offers it an expanded U.S. footprint.

The acquisition will add almost 1.8 million industrial, retail, wealth administration and business banking clients.

BMO additionally says over 9,300 Bank of the West staff will be part of the corporate.