The Federal Reserve Board yesterday approved the acquisition by BNP Paribas and its 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.