BMO’s White Unloads War Chest in Record Deal by Canada Bank (1)

Bank of Montreal is making the biggest acquisition ever by a Canadian bank, throwing almost every bit of spare capital into a $16.3 billion deal for Bank of the West just as the Covid-19 pandemic roars into its third year.

For Chief Executive Officer Darryl White, the timing couldn’t be better. White had spent years improving his bank’s efficiency and technology, and the coronavirus forced the lender to stockpile capital. It’s now unloading that war chest to buy the U.S. firm from BNP Paribas SA, doubling its retail presence in the country and vaulting it to the fourth-largest ...