The Bank of Montreal building in Ottawa. The Canadian lender is weighing a sale of certain U.S. locations it wants to exit.Sean Kilpatrick/The Canadian Press
Bank of Montreal BMO has recently launched a process to sell some of its U.S. branches with about US$6-billion in deposits, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
The Canadian lender is weighing a sale of certain locations it wants to exit. BMO has been looking to pull back from states including Wyoming and the Dakotas, according to the report.
The branches could be sold together or in clusters, the report said, adding that the plans were not final and may not result in a deal.
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BMO declined to respond to a Reuters request for comment.
In 2023, BMO completed the acquisition of BNP Paribas’ U.S. unit, Bank of the West, for US$16.3-billion, in its biggest deal ever, giving it exposure to nearly two million customers, about 500 retail branches, and commercial and wealth offices across the Midwest and Western United States. Lenders often sell or close overlapping locations following major acquisitions, as customers increasingly shift to online and mobile banking.