The bank says the closing of the deal adds nearly 1.8 million customers and 500 branches to BMO that gives it a footprint in 32 states
says it has closed its US$16.3 billion acquisition of Bank of the West more than 13 months after initially announcing the deal.
North American personal and business banking group head Erminia Johannson says the deal gives the bank the needed scale to compete and grow. The deal comes amid heightened regulatory scrutiny in the U.S. on acquisitions, and the banking sector more generally, but Johannson says its important to have scale to respond to both competition and the changing regulatory environment.
“Yes, the market’s shifted, but this is a long-term strategy, as well as a near-term strategy play against all the economic environment changes that happen.”
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