BMO and BNP will improve the cross-border coverage and access to the global network for commercial banking clients and continue to provide and expand the services offered to their clients worldwide
BMO, BNP Paribas enter commercial partnership. (Credit: PiggyBank on Unsplash)
BMO Financial and BNP Paribas have entered into a long-term partnership to improve cross-border coverage and access to the global network for their commercial banking clients.
The two companies will also enter into a comprehensive leasing services partnership.
Under the collaboration, both BMO and BNP will continue to provide and expand the services offered to their clients worldwide.
The agreement builds on the sale of Bank of the West, BNP Paribas’ banking business to BMO, which closed earlier this month.
BMO US commercial banking co-head Dan Marszalek said: “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.
“We are committed to fuelling the growth of our commercial banking customers and enabling them to make progress toward their business goals.”
The agreement enables continuity of services for commercial banking clients and focuses on existing commercial clients of BNP Paribas and Bank of the West, now part of BMO.
It will enhance future referrals for clients interested in BNP’s European and Asian presence or BMO’s currently expanded network in the US and Canada.
BMO will retain the Bank of the West Multinational Client Platform team to deliver better service to new referrals and continuity for Bank of the West’s international clients.
The two companies will also enter into a trans-Atlantic partnership, through BNP Paribas Leasing Solutions and the BMO Vendor Finance division.
The partnership will create a significant player in the equipment finance space, which will provide new and existing vendor partners with access to complete asset financing services.
BNP Paribas One Bank for Corporates deputy chairwoman Caroline Pez-Lefevre said: “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 agreement will complement our Corporate and Institutional Banking activities in North America to which BNP Paribas remains committed.”