Business & Finance
15 November 2021, 5:08 pm. 1 minute
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.
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
Win Types: ExclusivitySpeed
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Major Global Story