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Bancwest-United California Bank Transaction approved by federal reserve

  • 21.02.2002
The Federal Reserve Board approved on 20 February the acquisition by BNP Paribas and his subsidiary BancWest of United California Bank.

United California Bank, a subsidiary of UFJ Bank Ltd of Japan, based in Los Angeles, has assets of $10.5 billion and 115 branches throughout California.

The parties expect the $2.4 billion cash transaction to close during the first quarter, subject to approval by the California Department of Financial Institutions.

Following the acquisition, BancWest expects to have $34 billion in assets and serve 1.5 million customers from more than 350 branches. In California, the group will have $15 billion in deposits, ranking fourth in bank deposit market share.
Press contact(s)
Press contacts :

BNP Paribas, Relations Presse
Michèle Sicard, Tel 33-1 40 14 70 61

BancWest Corporation
Gerry Keir, Tel 808 525 7086