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Bancwest-United California Bank Transaction approved by federal reserve

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.