BMO Financial Group can finally move forward with the acquisition of Bank of the West, a banking network belonging to the French giant BNP Paribas which is present in 32 American states.
• Read also: As of May 1, 2023: Quebec raises the minimum wage to $15.25
• Read also: Slight decline in inflation in Canada
The transaction, valued at more than $16 billion, has received regulatory clearance more than a year after it was announced in December 2021. The transaction is now expected to close by February 1, while the integration of the activities of Bank of the West will take place gradually until next September.
In doing so, the Bank of Montreal gets its hands on the portfolio of 1.8 million customers accumulated by Bank of the West, as well as on the 9,300 employees of the company. More than 1,000 branches and 42,000 ATMs will also be added to BMO’s American network.
“After closing and until the conversion of the combined banks’ systems, expected in early September 2023, customers will continue to receive services in their respective Bank of the West and BMO branches, websites and mobile apps,” it said. BMO.