BMO says it has closed its US$16.3 billion acquisition of Bank of the West more than 13 months after initially announcing the deal.
She says that among other advantages, a bigger operation will help the bank better leverage its technology, while also offering more possibilities to test out products and offerings in different markets.
The closing also arrives as worries grow about the near-term economic picture amid rising interest rates and high inflation, but Johannson says the bank is still confident the deal makes sense. Heightened economic worries has pushed Canadian regulators to increase bank capital requirements, which has prompted BMO to raise money both through share issues and a dividend reinvestment program.
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