Hailey Johnson
BMO Financial Group, also known as Bank of Montreal, has completed its acquisition of Bank of the West, a San Francisco-based bank, from BNP Paribas. The deal, valued at $16.3 billion, brings nearly 1.8 million customers to BMO and extends its presence to 32 states with over 500 additional branches. This merger positions BMO as the 8th largest bank in North America by assets and marks a transition from French to French-Canadian ownership for Bank of the West. The integration process, including the conversion of accounts and branches, is expected to be completed by early September 2023.
| Characteristics | Values |
|---|---|
| Date of acquisition | February 2023 |
| Acquirer | BMO Financial Group, Bank of Montreal |
| Acquired | Bank of the West |
| Previous owner | BNP Paribas, French banking group BNP |
| Acquisition cost | 16.3 billion |
| Number of new customers | 1.8 million |
| Number of new branches | 500+ |
| Number of new employees | 9,300 |
| Bank ranking in North America | 8th largest bank by assets |
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What You'll Learn
- BMO Financial Group acquired Bank of the West for $16.3 billion
- BMO gains 1.8 million customers and 500+ branches
- Bank of the West's accounts and branches were converted to BMO by September 2023
- BMO is now the 8th largest bank in North America
- Bank of the West was previously owned by French banking group BNP Paribas
BMO Financial Group acquired Bank of the West for $16.3 billion
BMO Financial Group, also known as Bank of Montreal, has acquired Bank of the West for $16.3 billion. The acquisition was announced in February 2023, bringing nearly 1.8 million customers to BMO and extending its presence to 32 states in the US.
The deal was initially struck in December 2021, with BMO receiving regulatory approval from the Federal Reserve to acquire the San Francisco-based Bank of the West. The acquisition adds over 500 branches and offices to BMO's network, including a strong presence in Colorado, where Bank of the West was one of the largest banks in the state.
With the acquisition, BMO gains access to a larger customer base, including commercial, retail, wealth management, and business banking customers. BMO plans to integrate Bank of the West with its existing US subsidiary, BMO Harris Bank, which will significantly increase BMO's presence and operations in the US market.
The combined bank will offer a broad range of financial services, including personal and commercial banking, wealth management, and investment banking products. BMO has committed to serving customers of both banks during the transition period, with the conversion of accounts and systems expected to be completed by early September 2023.
The acquisition of Bank of the West is a significant move for BMO, allowing it to expand its reach and compete as one of the largest banks in North America by assets. The deal also demonstrates BMO's commitment to investing in underserved communities, as outlined in its "Community Benefits Plan," which includes initiatives such as home mortgage lending support, small business lending, and community development investments.
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BMO gains 1.8 million customers and 500+ branches
BMO Financial Group, also known as the Bank of Montreal, has completed its acquisition of Bank of the West. The deal, worth $16.3 billion, was struck in December 2021 and adds nearly 1.8 million customers to BMO, along with over 500 additional branches and offices. This extends BMO's banking presence and reach in the western US, giving it a footprint in 32 states, including Colorado.
The acquisition was finalised in February 2023, with the Bank of the West brand being retired over the ensuing Labor Day weekend. All accounts and branches from both subsidiaries were converted and merged into the BMO Bank, N.A. by September 5, 2023.
BMO is now the 8th largest bank in North America by assets, with a strong position in three of the top five US markets. The combined bank will serve its customers with a broad range of personal and commercial banking, wealth management, and investment banking products and services.
Darryl White, CEO of BMO Financial Group, expressed enthusiasm about the acquisition, stating that BMO and Bank of the West together will build a leading North American bank with a shared focus on progress for customers, employees, communities, and the planet.
In November 2023, BMO committed to spending $41.5 billion within underserved communities as part of its "Community Benefits Plan." This includes initiatives such as home mortgage lending support, small business lending, and community development loans and investments.
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Bank of the West's accounts and branches were converted to BMO by September 2023
BMO Financial Group, also known as Bank of Montreal, completed the acquisition of Bank of the West in February 2023. The $16.3 billion deal saw BMO acquire nearly 1.8 million customers and extend its banking presence through more than 500 additional branches in 32 states.
Following the acquisition, BMO announced plans to merge Bank of the West with its existing U.S. subsidiary, BMO Harris Bank. This merger aimed to double BMO's total presence in the United States. The Bank of the West brand was retired, and the conversion of accounts and branches began.
By early September 2023, the conversion process was expected to be complete. Customers were informed that they would continue to be served through their respective BMO and Bank of the West branches, websites, and mobile applications until the conversion was finalized.
The acquisition and subsequent conversion of Bank of the West branches and accounts into BMO by September 2023 marked a significant expansion for BMO in the western United States. This move solidified BMO's position as the 8th largest bank in North America by assets and strengthened its commitment to building a leading North American bank.
The combined bank, with its expanded reach and resources, is well-positioned to serve its diverse customer base and continue its progress-focused initiatives for its customers, employees, communities, and the planet.
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BMO is now the 8th largest bank in North America
BMO Financial Group has completed its acquisition of Bank of the West from BNP Paribas. The acquisition has brought close to 1.8 million customers to BMO, and extended its banking presence through more than 500 additional branches and commercial and wealth offices in key U.S. growth markets. BMO now has a footprint in 32 states, including Colorado.
As a result of the acquisition, BMO is now the 8th largest bank in North America by assets. With total assets of C$1.14 trillion as of October 31, 2022, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to 12 million customers. BMO conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management, and BMO Capital Markets.
BMO has been recognised for its sizable portfolio of sustainable loans, including green loans and loans to women and BIPOC-owned small businesses. The bank has also been acknowledged for its ongoing commitment to creating a sustainable future across all its operations. In 2019, BMO committed to mobilising $400 billion in sustainable finance by 2025. In 2021, the bank announced its Climate Ambition, to be its clients' lead partner in the transition to a net-zero world, and launched the BMO Climate Institute.
BMO's sustainability leadership has been recognised on several global rankings, including the World Benchmarking Alliance's 2022 Financial System Benchmark, the Dow Jones Sustainability Index, and Ethisphere Institute's list of the World's Most Ethical Companies.
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Bank of the West was previously owned by French banking group BNP Paribas
Bank of the West was previously owned by the French banking group BNP Paribas. The bank was founded in 1874 in San Jose, California, as the Farmers National Gold Bank of San Jose. In 1979, Banque Nationale de Paris (BNP) established the French Bank of California and acquired Bank of the West. Over time, BNP Paribas expanded its operations globally, with a strong presence in Europe, the Americas, and Asia-Pacific. It operated in 65 countries and employed nearly 190,000 people.
In December 2021, BNP Paribas agreed to sell Bank of the West to the Canadian banking group BMO Financial Group, also known as Bank of Montreal or BMO Harris Bank. The sale was finalised in February 2023, with BMO acquiring nearly 1.8 million customers and extending its banking presence through more than 500 additional branches in key U.S. growth markets. This acquisition boosted BMO's position in the U.S. market, giving it a footprint in 32 states and making it the 8th largest bank in North America by assets.
The transition process for Bank of the West customers began in February 2023, with BMO providing information about the combined bank's services and the conversion of accounts. During this period, customers continued to be served through their respective BMO and Bank of the West branches, websites, and mobile applications. Over the Labor Day weekend in September 2023, the Bank of the West brand was retired, and all accounts and branches were converted and merged into the renamed BMO Bank, N.A.
The acquisition of Bank of the West by BMO Financial Group marked a significant shift in ownership, with the bank now operating under the Canadian banking group's umbrella and serving a broader customer base across the United States.
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Frequently asked questions
Yes, BMO, also known as the Bank of Montreal, acquired Bank of the West in February 2023.
BMO Financial Group is a highly diversified financial services provider and is the 8th largest bank in North America by assets.
The deal was worth \$16.3 billion.
BMO intended to absorb Bank of the West into its US subsidiary BMO Harris Bank, thereby doubling its total presence in the United States.
The acquisition brings nearly 1.8 million customers to BMO and extends its banking presence through more than 500 additional branches and offices in 32 states.
