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.
Business & Finance
Reuters first to report BNP hires advisers to explore $15 billion Bank of the West sale; market reacts
15 November 2021, 5:08 pm. 1 minute
Following the Reuters report, which was widely picked up by analysts and international media outlets, BNP’s stock rose as much as 5.5%.
Topics of Interest: Business & Finance
Type: Reuters Best
Sectors: Business & FinanceEquitiesFinancial Services
Regions: EuropeNorth America
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Media Types: Text
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