In the largest U.S. banking deal of the year to date, BNP Paribas has agreed to sell Bank of the West, its U.S. retail and commercial banking business, to BMO Financial Group for a base price of $16.3 billion in cash. BNP Paribas will retain its other businesses in the United States, including its corporate and institutional banking franchise. The deal was announced December 20.
Bank of the West is a California-chartered bank with approximately $105 billion in assets and a footprint in 24 states.
The S&C team advising BNPP includes Rodge Cohen, Mitch Eitel and Jared Fishman. Eric Wang and Jameson Lloyd are advising on tax matters. Jeannette Bander is advising on executive compensation matters. Justin Orr is advising on intellectual property matters. Joe Matelis, Juan Rodriguez and Eric Queen are advising on antitrust and competition matters. Matt Brennan is advising on environmental matters. Olivier de Vilmorin is advising on French law matters.
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