Reuters first to report BNP hires advisers to explore $15 billion Bank of the West sale; market reacts

Reuters broke the news that BNP Paribas is working with advisers to assess a sale of its U.S. arm Bank of the West, as it seeks to retreat from the American retail banking market after struggling to compete with larger rivals. The 147-year old Bank of the West has $99.2 billion of assets and is valued by BNP at about $15 billion, sources told Reuters. JPMorgan and Goldman Sachs are helping the French bank to gauge interest from possible buyers, including Canadian banks TD and BMO and some regional U.S. players.