BMO receives regulatory approval for Bank of the West acquisition

By The Canadian Press on January 18, 2023.

TORONTO – BMO Financial Group says it has received all of the regulatory approvals required to complete its agreement to buy California-based Bank of the West from BNP Paribas.

BMO expects to close the deal for the U.S. bank on Feb. 1, subject to customary conditions.

The Canadian bank announced its agreement to buy Bank of the West in December 2021 for US$16.3 billion.

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

The acquisition will add nearly 1.8 million commercial, retail, wealth management and business banking customers.

BMO also says over 9,300 Bank of the West employees will join the company.

This report by The Canadian Press was first published Jan. 18, 2023.

Companies in this story: (TSX:BMO)

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