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BMO has interest in BNP Paribas subsidiary Bank of West

The major French bank BNP Paribas is apparently making progress with the planned sale of its Californian subsidiary Bank of West.

The Bank of Montreal is interested, the Bloomberg news agency reported, citing people familiar with the matter. There have been initial talks. With the purchase, the Canadian bank would significantly expand its presence in the United States. For BNP Paribas, the sale would mean an extensive withdrawal from private customer business in the United States.

Spokesmen for the two banks did not want to comment on the information, the report said. Bloomberg reported a month ago that BNP Paribas wanted to sell the Bank of West. Bloomberg did not name a possible purchase price in the report. The book value of the bank for sale is just under $ 14 billion – this is a guideline for the possible price. With a market value of more than 70 billion euros, BNP Paribas is the most valuable bank in the euro zone.

BNP Paribas shares reacted only briefly to the Bloomberg report on Thursday with a sharp rise. By the end of trading, the price gain melted back to two percent and thus to the level from the time before the report. Bank titles were in demand on Thursday because of the Federal Reserve decisions in the UK and the United States and the expectation of rising interest rates.

PARIS (dpa-AFX)

Reference-www.finanzen.at

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