Bank of Montreal agreed to buy BNP Paribas SA’s Bank of the West unit for $16.3 billion (C$21.1 billion), extending its presence in the U.S. and giving the French seller a windfall before its new strategic plan.
BMO will fund the transaction, which should add 1.8 million customers upon closing next year, in cash and mainly with excess capital, according to a statement on Monday. Bloomberg had previously reported the Canadian bank’s interest.
