BMO Financial Group said late Tuesday that it has received all regulatory approvals to acquire San Francisco-based Bank of the West and expects to close the transaction on Feb. 1.
Representatives of BMO Financial Group, parent company of Bank of Montreal, did not immediately respond to questions regarding what executive role, if any, Bakhshi will have at the combined bank. It is not unusual to see the C-suite of an acquired bank head for the exit, given the lucrative nature of change-in-control clauses typically in senior executive contracts.
The combination will bring more than 9,300 Bank of the West employees and its nearly 1.8 million commercial, retail, wealth management and business customers to the combined bank, which will offer access to more than 1,000 U.S. branches in 32 states.
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