Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Top Stories

Posted By Uma Rajagopal

Posted on January 18, 2023

BNP Paribas wins all regulatory approvals for sale of Bank of the West

PARIS (Reuters) -BNP Paribas, France’s biggest listed bank, said on Wednesday that it had received all the necessary regulatory approvals to complete its previously announced sale of Bank of the West to Bank of Montreal.

BNP Paribas 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.

(Reporting by Sudip Kar-Gupta and Silvia Aloisi; editing by Jason Neely)

Recommended for you

  • How to improve your financial literacy: essential tips and resources

  • The Role of Foreign Direct Investment in Economic Growth: Evaluating the Benefits and Challenges of Attracting FDI

  • Shifting to Electric Vehicles: Market Trends and Consumer Behavior in the Automotive Industry