As per a report from the Wall Street Journal, the Bank of Montreal is in advanced talks to acquire the U.S. arm of French bank BNP Paribas SA.
An agreement could emerge as early as this week, if the talks don’t fall apart.
The potential deal will see Bank of Montreal’s expand in the United States, where it has worked to expand its footprint in recent years.
The combined assets of both banks would be around $870 billion, said the WSJ report.
Neither BNP nor Bank of Montreal immediately responded to requests for comment.
BNP Paribas SA was working with JPMorgan and Goldman Sachs to assess a sale of the 147-year-old unit in a deal that could value it at around $15 billion; potential suitors include Ohio-based KeyCorp, Bank of Montreal, and Toronto-Dominion Bank.