The deal with Bank of the West’s parent company, BNP Paribas, will give BMO nearly 1.8 million new customers and 514 additional branches and offices in U.S. markets, the bank said in a press release. (The Logic)

Talking point: The deal is the largest-ever purchase of a U.S. bank by a Canadian lender, according to The Globe and Mail. It will also extend BMO’s physical footprint at a time when some banks have targeted in-person branches as an area for cost-cutting: in its release it said it does not plan to close any branches and is committed to retaining branch employees. The Logic reported last week that the Big Six banks shed just over one per cent of their Canadian branches in the last year, led by National Bank, which closed about five per cent.