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

Business & Finance

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.

Market Impact

Following the Reuters report, which was widely picked up by analysts and international media outlets, BNP’s stock rose as much as 5.5%.

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & FinanceEquitiesFinancial Services

Regions: EuropeNorth America

Win Types: ExclusivitySpeed

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Major Global Story

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