PLUS1
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| BNP Paribas | EU:BNP | Euronext | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.12 | 2.57% | 44.55 | 44.54 | 44.80 | 44.875 | 43.90 | 44.24 | 3,469,291 | 16:40:00 |
BNP Paribas to Sell Bank of the West to Bank of Montreal for $16.3 Billion
20/12/2021 7:48am
Dow Jones News
BNP Paribas (EU:BNP)
Historical Stock Chart
From Jul 2021 to Jul 2022
By Cristina Roca
BNP Paribas SA said Monday that it has agreed to sell Bank of the West to Bank of Montreal for a total consideration of $16.3 billion in cash.
The French lender said the deal will generate a one-off capital gain, net of taxes, of about 2.9 billion euros ($3.26 billion), and boost its common equity Tier 1 ratio by about 170 basis points.
The sale represents all of BNP Paribas's retail and commercial-banking activities in the U.S.
BNP Paribas said it intends to implement an extraordinary share buyback to compensate the expected earnings-per-share dilution from the deal. Indicatively, about EUR4 billion would fully neutralize the dilution, it said.
The rest of the proceeds of the deal, estimated at about EUR7 billion, should be redeployed to accelerate organic growth, especially in Europe, make targeted investments and acquire value-added businesses.
The deal is expected to close in 2022.
Write to Cristina Roca at cristina.roca@wsj.com
(END) Dow Jones Newswires
December 20, 2021 02:33 ET (07:33 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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