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 .
For further details see:
BMO, BNP Paribas announce cross-border deal for commercial banking clients