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Exclusive-BNP hires advisers to explore $15 billion Bank of the West sale – sources

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Reuters

By Pamela Barbaglia and David French LONDON (Reuters) -BNP Paribas is working with advisers to assess a sale of its U.S. arm Bank of the West as it seeks to retreat from the American retail banking market after struggling to compete with larger and better capitalised rivals, sources told Reuters. The French lender, which overtook Britain’s HSBC last year to become Europe’s largest bank by assets, is looking to part ways with its San Francisco-based retail banking subsidiary in a deal that could value it at about $15 billion, three sources with knowledge of the matter said. JPMorgan and Goldman…

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