French Bank Sells Bank Of The West To Canadian Bank


      San Francisco-based Bank of the West – which has over 500 branches including Chadron, Gordon, Alliance, and Bridgeport – has been sold.

       BNP Paribas, the largest bank in France with a $70-billion dollar market cap, is selling Bank of the West to Canadaโ€™s BOM- Bank of Montreal – for $16.3-billion dollars.

      BOM shares fell 2% yesterday in morning trading on the Toronto Stock Exchange, with some analysts saying the acquisition price was a little steep. 

       BOM disagreed, insisting the deal will immediately add to its earnings, despite $1.3 billion dollars in merger costs.

      Bank of Montreal hopes to replicate the U-S success of its Canadian rival Toronto-Dominion, popularly known as TD Bank. 

      The Bank of the West deal brings it 1.8-million customers, most of them in economically-resilient California.