BNP Paribas subsidiary gets green light to purchase Commercial Federal
The shareholders of Commercial Federal have approved the acquisition of the bank by Bank of the West, a BNP Paribas subsidiary. Over 79% of the votes cast were in favor of the deal, worth $1.36 billion.
The shareholders will receive $34 dollars in cash per share and an extraordinary dividend of 50 cents per share. The deal also received the approval of the regulatory authorities and should be completed on December 2, 2005. With this acquisition, BNP Paribas hopes to advance its strategy of expansion in the western United States through its BancWest subsidiary. Following the acquisition of Commercial Federal, BancWest will have more than 4.2 million accounts and 739 branches (against 541 before), which the bank says will bolster its presence in these growth markets. BancWest will operate in a total of 20 states, representing 100 million inhabitants with projected demographic growth that is among the highest in the US, the bank said.
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