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Bank of Montreal in advanced talks to buy BNP Paribas’s U.S. unit

by Mike Robinson

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© Reuters. FILEPHOTO: This is a Bank of Montreal logo outside of an Ottawa branch, Ontario, Canada. February 14, 2019. REUTERS/Chris Wattie/File Photograph

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(Reuters) – Canada’s Bank of Montreal and the U.S. bank BNP Paribas are in advanced negotiations (OTC:) SA), according to the Wall Street Journal, citing persons familiar with the matter.

According to the report, the Canadian lender may reach an agreement within the week, provided that talks do not fall apart.

Bank of Montreal would be able to grow its American presence through the deal. The report said that the combined assets of the two banks would amount to $870 billion.

Bloomberg reported last week about Bank of Montreal’s interest in purchasing the Bank of the West (based in San Francisco) of BNP Paribas.

Reuters did not receive immediate responses from Bank of Montreal and BNP to our requests for comment.

JPMorgan (NYSE 🙂 and Goldman Sachs were collaborating with the French bank to evaluate a potential sale of the unit, which is 147 years old. The deal could be valued at approximately $15 billion. Potential suitors include Bank of Montreal and Toronto-Dominion Bank, as well as Ohio-based KeyCorp.

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