BNP Paribas is working with its advisers on the possibility of selling its US subsidiary Bank of the West, as it seeks to withdraw from the US retail banking market, sources told Reuters.
The French bank, which overtook Britain’s HSBC last year to become Europe’s largest asset-based bank, is trying to part with its US subsidiary in a deal that could value it at $ 50 billion, according to the same sources. .
JP Morgan and Goldman Sachs are preparing the activities for sale and are working closely with BNP to capture the interest of potential candidates.
Discussions are still in their infancy and no agreement is certain.
JP Morgan was the first to secure a mandate from BNP over the summer, and has recently represented the $ 11.6 billion sale of BBVA’s US operations to PNC Financial Services Group.
The Bank of the West, with $ 99.2 billion in assets as of June 30, is BNP’s largest business outside Europe.
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Source From: Capital
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