BNP Paribas exits US, sells Bank of the West for USD 16.3 bln

The Canadian bank, also known as BMO Financial Group, said it would mainly fund the cash deal through excess capital. It already has a presence in several US states. BNP originally bought Bank of the West in 1979.

European banks have been gradually retreating from the US market, having struggled to compete with big nationwide lenders such as JPMorgan Chase, Bank of America, and Wells Fargo. The Bank of the West sale was expected to close by the end of 2022, the banks said.