Federal Reserve approves BMO\u0027s takeover of Bank of the West, a combination that will create the 15th\u002Dlargest U.S. lender. Read more
U.S. subsidiary BMO Financial Corp. will have consolidated assets of US$286.8 billion, representing about 1 per cent of those held by insured depository institutions in the U.S., according to the Fed. The Office of the Comptroller of the Currency also said it green-lit the merger.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails or any newsletter.
Seller BNP Paribas SA will unveil the final impact of the deal on Feb. 7, along with its fourth-quarter earnings, the lender said in a statement on Wednesday. The French bank has said it would dedicate about €4 billion to stock repurchases.Article content The US$16.3 billion deal, the largest ever by a Canadian bank, expands Bank of Montreal beyond its stronghold in the Midwest, across the western U.S. and into California, giving it an active presence in 32 states. When it announced the acquisition, the Canadian bank estimated it would get 1.8 million new customers and US$105 billion in assets.
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