EXCLUSIVE BNP hires advisers to explore $15 bln Bank of the West sale - sources

Reuters2021-11-15

BNP Paribas(BNPP.PA)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 ...

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It was bought by BNP in 1979 and subsequently merged with its local subsidiary, the French Bank of California (FBC).\nTo secure a successful sale of the business, BNP would have to overcome a number of challenges, the sources noted.\nU.S. President Joe Biden has called for more scrutiny of bank mergers, whilethe departureof Randal Quarles as the Federal Reserve's vice chair for supervision and uncertainty over Jerome Powell's future as chair has cast doubt on banking consolidation.\nDealmakers, who spoke with Reuters on condition of anonymity, said this leadership void has created an effective hold on the approval of large bank acquisitions by the Fed, making it difficult for bank boards to sanction new transactions.\nBIDDING FIELD\nBNP has long seen PNC as an ideal suitor for Bank of the West, and its sale efforts were emboldened by the purchase price PNC paid for BBVA's U.S. business, valuing it at 20 times its 2019 earnings, the source said.\nBut with PNC now busy integrating its latest acquisition, BNP is left with a small pool of potential buyers, which include Canadian banks and some regional U.S. players.\nToronto-Dominion Bank(TD.TO)and Bank of Montreal(BMO.TO)are seen as possible suitors alongside Ohio-based KeyCorp(KEY.N), two of the sources said.\nTD Bank, with retail operations along the U.S. east coast, has proceeds available from the $26 billion sale of broker-dealer TD Ameriprise to Charles Schwab Corp(SCHW.N). Chief Executive Bharat Masrani said in May the bank was open for M&A opportunities which made financial sense, with a focus on its existing footprint.\nBMO executives have expressed a desire to grow the bank's U.S. presence and the bank would be in a position to offer BNP a cash deal unlike KeyCorp which would instead need to pursue an all-stock transaction.\nRoyal Bank of Canada(RY.TO)- which owns City National Bank, the ninth-largest bank in California by deposits - could also express interest in Bank of the West, one of the sources said.\nPNC, TD, BMO, KeyCorp and RBC were not immediately available for comment.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":873481103,"gmtCreate":1636976159118,"gmtModify":1636976159234,"author":{"id":"3574409130628325","authorId":"3574409130628325","name":"求老师指点","avatar":"https://static.tigerbbs.com/9f37c6fe3f11098991d08587e5b22a23","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873481103","repostId":1135591411,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":873483016,"gmtCreate":1636975961568,"gmtModify":1636975961772,"author":{"id":"3572316669494636","authorId":"3572316669494636","name":"Boo2020","avatar":"https://static.tigerbbs.com/b9140860aa799166f7ff2aef054c4197","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/873483016","repostId":1135591411,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":6586229,"gmtCreate":1636977719568,"gmtModify":1636977719664,"authorId":3582705285814354,"author":{"id":3582705285814354,"authorId":3582705285814354,"name":"Ella12345","avatar":"https://static.tigerbbs.com/6fb85787771e7c52590530c8fdf627c6","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":873483016,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":6585993,"gmtCreate":1636975967810,"gmtModify":1636975967888,"authorId":3572316669494636,"author":{"id":3572316669494636,"authorId":3572316669494636,"name":"Boo2020","avatar":"https://static.tigerbbs.com/b9140860aa799166f7ff2aef054c4197","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":873483016,"type":1,"supId":0,"prevId":0,"content":"<u>k</u>","text":"<u>k</u>","html":"<u>k</u>"}],"langContent":"CN"},{"id":873480664,"gmtCreate":1636975740580,"gmtModify":1636975740716,"author":{"id":"3586941727436981","authorId":"3586941727436981","name":"Syee","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/873480664","repostId":1135591411,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":21,"commentSize":3,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.25.1","shortVersion":"4.25.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1135591411"}