BNP Paribas has agreed to sell its San Francisco-based Bank of the West to Bank of Montreal for $16.3bn, becoming the latest European lender to exit US retail banking.
The Canadian bank, also known as BMO Financial Group, said it would fund the cash deal through excess capital. It already has a presence in several US states. BNP originally bought Bank of the West in 1979.
European banks have been gradually retreating from the US market, having struggled to compete with major lenders such as JPMorgan, Bank of America and Wells Fargo.
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