BNP Paribas to sell Bank of the West to Canada's BMO for around $16 bln

BNP Paribas, France's biggest bank by market capitalisation, said it had agreed to sell its U.S. unit Bank of the West to Canada's BMO Financial Group for around $16.3 billion. 

BNP Paribas has been struggling to keep up with larger rivals in the U.S. retail banking market, while the sale will also strengthen BMO's foothold in the United States. 

"This is a value accretive transaction for all sides, which emphasises the quality of Bank of the West franchise," said BNP Paribas Chief Executive Jean-Laurent Bonnafe on Monday.