Circles: BMO is interested in BNP Paribas subsidiary Bank of West

PARIS (dpa-AFX) – The major French bank BNP Paribas is apparently making progress with the planned sale of the Californian subsidiary Bank of West. The Bank of Montreal (BMO) (Bank of Montreal) is interested, reported the Bloomberg news agency, 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, the sale would mean an extensive withdrawal from retail banking 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 Great Britain and the United States and the expectation of rising interest rates./zb/stw/men

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