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 went in favour of the deal, worth US$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 2nd December.
With this acquisition, BNP Paribas takes a new step in its strategy to expand in the western United States through BancWest, its wholly owned subsidiary.
Following the acquisition of Commercial Federal, BancWest will have more than 4.2 million accounts and 739 branches (against 541 before), bolstering its presence in high 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 United States.
About BancWest and BNP Paribas
BancWest Corporation is a wholly owned subsidiary of BNP Paribas with US$54.6 billion in assets. Its head office is in Honolulu, Hawaii, and its administrative headquarters are in San Francisco, California. Its two subsidiaries, Bank of the West and First Hawaiian Bank, are respectively the 5th largest retail bank in California and the largest retail bank in Hawaii.
BNP Paribas (www.bnpparibas.com) is a European leader in banking and financial services, with a significant and growing presence in the United States and leading positions in Asia. BNP Paribas is the first bank in the Euro zone in terms of net income (2004). The group has one of the largest international banking networks, a presence in over 85 countries and employs approximately 100 000 employees, including 67,000 in Europe. BNP Paribas enjoys key positions in its three core businesses: Corporate and Investment Banking, Asset management & Services and Retail Banking.
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