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12/20/2021, 9:14 AM (Source: TeleTrader)
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BNP Paribas to sell US subsidiary for $16.3 billion

BNP Paribas S.A. confirmed on Monday that it struck a deal to sell its United States-based subsidiary Bank of the West Inc. to BMO Bank of Montreal, or the BMO Financial Group, as it is known in the US.

The cash transaction will total $16.3 billion (€14.4 billion) and will be finalized "during the course of 2022." BNP Paribas capital gain from the transaction will amount to around $2.9 billion.

Upon the completion of the deal, BNP Paribas will start a share buyback program.

Baha Breaking News (BBN) / MS