One of the biggest bank deals in recent years, BMO is eyeing expansion into California as part of its North American growth strategy. Roughly 70% of Bank of the West’s deposits are in California, giving BMO a scaled entry to a market with an estimated population of 40 million people and a GDP of $3.1 trillion.
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The acquisition of Bank of the West also gives BMO 1.8 million new customers, 514 additional branches, plus commercial and wealth offices in key U.S. growth markets.
BMO will also gain a presence in 32 states in three of the five top U.S. markets, a digital banking platform gathering deposits in all 50 states, and a larger base of specialty commercial businesses.
“With the strength of our performance and our integrated North American foundation, we have never been better positioned to take this next step in our growth strategy and to deliver for the new customers and colleagues we look forward to welcoming to BMO,” said Darryl White, CEO of BMO Financial Group.
“This acquisition will add meaningful scale, expansion in attractive markets, and capabilities that will enable us to drive greater growth, returns and efficiencies. We will deliver a highly competitive offering to new growth markets, combining the strength of our digital banking platform and a strong team of bankers to generate leading customer growth,” he added.
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Bank of the West CEO Nandita Bakhshi said its footprint in key U.S. markets offers “complementary commercial and retail banking platform to fuel BMO’s growth.”
Bakhshi added that together with BMO’s “suite of products and capabilities” they can reach more people and help them “achieve real financial progress.”
