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Bank of Montreal in advanced talks to buy BNP Paribas’s U.S. unit

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© Reuters. FILE PHOTO: A Bank of Montreal (BMO) brand is seen exterior of a department in Ottawa, Ontario, Canada, February 14, 2019. REUTERS/Chris Wattie/File Photo

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(Reuters) – Canada’s Bank of Montreal is in advanced talks to buy the U.S. arm of French financial institution BNP Paribas (OTC:) SA, the Wall Street Journal reported late on Sunday, citing individuals accustomed to the matter.

The Canadian lender might finalize an settlement as quickly as this week, assuming the talks do not collapse, in accordance to the report.

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The deal would facilitate Bank of Montreal’s enlargement into the United States, the place it has labored to construct its presence in latest years. Combined, the banks would have some $870 billion in property, the report added.

Bloomberg had reported final week that Bank of Montreal has expressed curiosity in shopping for San Francisco-based the Bank of the West, the U.S. arm of BNP Paribas.

BNP and Bank of Montreal didn’t instantly reply to Reuters’ requests for remark.

The French financial institution was working with JPMorgan (NYSE:) and Goldman Sachs (NYSE:) to assess a sale of the 147-year-old unit in a deal that would worth it at round $15 billion, with potential suitors together with Bank of Montreal, Toronto-Dominion Bank and Ohio-based KeyCorp (NYSE:).

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