BMO Financial, also known as Bank of Montreal, said on Dec. 20 it had agreed to buy Bank of the West, BNP Paribas’ U.S. commercial lending arm, for $16.3 billion in cash.
BMO Harris Bank, the company’s U.S. lender, had $166 billion of assets at the end of September, according to Federal Reserve data. Bank of the West had $105 billion. BMO said it expected to be able to cut 35% of Bank of the West’s non-interest expenses, saving about $670 million a year before tax.A Bank of Montreal logo is seen outside of a branch in Ottawa, Ontario, Canada, February 14, 2019.
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