BNP Paribas to sell Bank of the West to Canada’s BMO

BNP Paribas said Monday it will sell U.S. unit Bank of the West to Canada’s BMO Financial Group for $16.3 billion in a deal that will give France’s biggest bank a huge step up in firepower for deals and buybacks.

BNP Paribas has been struggling to keep up with larger rivals in the U.S. retail banking market, while the sale will also strengthen BMO’s foothold in the United States.