BMO Looks to Sell Some US Branches After Bank of the West Acquisition

Core Viewpoint - Bank of Montreal (BMO) is considering selling some of its U.S. branches, particularly in Wyoming and the Dakotas, following its recent acquisition of Bank of the West, which expanded its U.S. presence significantly [1][3]. Group 1: Branch Sales - BMO is reportedly looking to sell branches either together or in clusters, potentially including loans along with deposits [2]. - The sales process has been initiated, but plans are not finalized, and the sales may not occur [2]. - This move is not uncommon for banks after a significant acquisition, as they often reassess their branch networks [3]. Group 2: Recent Acquisitions - BMO's acquisition of Bank of the West, finalized in February 2023, added approximately 500 branches, bringing BMO's total U.S. branches to around 1,000 [3][5]. - The acquisition was valued at $16.3 billion and provided BMO with access to 1.8 million new customers and key growth markets in California [4]. Group 3: Future Plans - BMO is also expanding its wealth management capabilities through the planned acquisition of Burgundy Asset Management for about $625 million, expected to close by the end of 2025 [6]. - New offerings are being developed in collaboration with Mastercard, including a travel rewards card and an expanded money transfer service [7].