BMO - BMO BNP Paribas announce cross-border deal for commercial banking clients

BMO Financial Group ( NYSE: BMO ) and BNP Paribas ( OTCQX:BNPQF ) on Tuesday announced a long-term commercial agreement and new cross-border framework to provide commercial banking clients with leasing services and global coverage.

The deal follows BNP's ( OTCQX:BNPQF ) sale of Bank of the West to BMO ( BMO ), which closed this month.

The new deal will ensure continuity of services for commercial banking clients, with focus on existing international clients shared between BNP ( OTCQX:BNPQF ) and Bank of the West. BMO ( BMO ) will retain the Bank of the West Multinational Client Platform team.

The deal will also boost future referrals for clients looking to access BNP's ( OTCQX:BNPQF ) European and Asian presence and/or BMO's ( BMO ) expanded network in the U.S. and Canada.

"This agreement will complement our corporate and institutional banking activities in North America," said Caroline Pez-Lefevre, deputy chairwoman of One Bank for Corporates at BNP ( OTCQX:BNPQF ).

The companies also announced a trans-Atlantic partnership between BNP Paribas Leasing Solutions and the BMO Vendor Finance division, creating a significant player in the equipment finance space.

Earlier, BMO's ( BMO ) wealth management unit selected FactSet as its primary market data provider .

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