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BNP Paribas (OTC:BNPQY) added that this transaction was expected to close on Feb 1.
Bank of Montreal agreed in December 2021 to buy BNP Paribas’ U.S. unit, Bank of the West, for $16.3 billion in its biggest deal ever, allowing the Canadian lender to double its footprint in the world’s biggest economy, while giving BNP a huge step up in financial firepower for deals.
“The closing of the Bancwest sale has been long-awaited … and is a significant positive catalyst for BNP shares in our view,” Jefferies analysts said in a note.
They said the deal would unlock 11 billion euros of capital for the French bank, of which 4 billion would be returned to shareholders via a share buy-back that could take place in the second quarter of this year.
