BMO Closes 163 Billion Bank of the West Purchase

Bank of Montreal (BMO) has officially closed its $16.3 billion U.S. purchase of Bank of the West.The Canadian bank said the acquisition adds nearly 1.8 million customers and 500 branches to its network and gives it a presence in 32 U.S. states.The purchase of Bank of the West comes amid heightened regulatory scrutiny in the U.S. on acquisitions, and the banking sector. There are also worries about a potential global recession this year due to rising interest rates and high inflation.Those economic worries have prompted Canada’s banking regulator to increase the capital requirements on…