Bank of Montreal in an advanced interview to buy the US unit of BNP Paribas
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© Reuters. FILE PHOTO: A Bank of Montreal (BMO) logo is seen on the outside of a branch in Ottawa, Ontario, Canada, on February 14, 2019. REUTERS / Chris Wattie / Photo File
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(Reuters) – The Bank of Montreal in Canada is in advanced negotiations to buy the US arm of BNP Paribas (OTC 🙂 SA, the Wall Street Journal reported on Sunday night, citing people familiar with the matter.
The Canadian lender may agree to the deal as soon as this week, when talks are not broken, according to the report.
This agreement would make it easier for Bank of Montreal to expand into the United States, as it has worked to strengthen its presence in recent years. Together, the banks would have assets of about $ 870 billion, the report added.
Bloomberg reported last week that the Bank of Montreal had expressed interest in buying the San Francisco-based Bank of the West, a U.S. BNP Paribas stake.
The BNP and the Bank of Montreal did not immediately respond to Reuters’ requests for comment.
The French bank was working with JPMorgan (NYSE 🙂 and Goldman Sachs (NYSE:) on an agreement that could have cost about $ 15 billion to value the sale of a 147-year unit; Toronto-Dominion Bank and Ohio-based KeyCorp (NYSE :).
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