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BMO Financial Group and BNP Paribas Announce Global Commercial Agreement

February 22, 2023, 07:51 AM
Filed Under: Banking News

BMO Financial Group and BNP Paribas announced a long-term commercial agreement and new cross-border framework to enhance coverage and access to a global network for their commercial banking clients. They will also enter into a comprehensive leasing services partnership. As part of this collaboration agreement, both banks will continue to provide, and expand on international services offered to clients.

The agreement follows BNP Paribas's sale of Bank of the West to BMO that closed on 1 February 2023. This cross-border commercial agreement will ensure continuity of services for commercial banking clients and a focus on existing international commercial clients shared between BNP Paribas and Bank of the West (now part of BMO). The agreement will also seek to boost future referrals for clients looking to access BNPP's extensive multi-country European and Asian presence and /or BMO's deep, and now expanded network in the US, and Canada. BMO will retain the Bank of the West Multinational Client Platform team to deliver world-class service to new referrals and continuity for Bank of the West's international clients.

"This agreement combines the strengths of BMO, a top-five commercial banking provider in North America with an international presence and capability, with those of BNP Paribas, the leading bank in the Eurozone. The result is a powerful coordinated coverage model that provides our clients with access to more opportunities across Canada and the US, and globally," said Dan Marszalek, Co-Head, US Commercial Banking at BMO. "We are committed to fueling the growth of our commercial banking customers and enabling them to make progress toward their business goals."

"Our agreement with BMO Financial Group will allow us to provide our commercial banking clients with seamless cross-border cooperation and offer their clients access to our international footprint across over 65 countries. This includes Cash Management and Leasing Solutions, two of our leading activities in Europe. This agreement will complement our Corporate and Institutional Banking activities in North America to which BNP Paribas remains committed." said Caroline Pez-Lefevre, Deputy Chairwoman of One Bank for Corporates at BNP Paribas. BMO and BNP Paribas will also create a significant player in the equipment finance space through a trans-Atlantic partnership between BNP Paribas Leasing Solutions and the BMO Vendor Finance division. This collaboration will offer new and existing vendor partners access to end-to-end asset financing services including floorplan financing, point of sale and vendor leasing solutions.

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