Highlight of the Week
BNP Hires Advisers to Explore $15B Bank of the West Sale
-BNP Paribas is working with advisers to assess a sale of its U.S. arm Bank of the West. BNP hopes to step back from the American retail banking market.
-JPMorgan and Goldman Sachs are preparing the business for a sale and have been working closely with BNP to gauge interest from prospective bidders.
FinTech Lender Oportun to Buy Online Banking Platform Digit
-Oportun will pay about $213MM in equity/cash to help expand into online banking 3-5 years faster than if they were to build out its own online banking platform.
-The deal signals that FinTechs continue to identify artificial intelligence and mobile technologies as opportunities to create better solutions for consumers.
Yellen Urges Lawmakers to Raise or Suspend Borrowing Limit
-The Treasury Department has been using extraordinary measures like suspending certain investments to conserve cash as it confronts the $28.9 trillion borrowing limit set by Congress.
-MS. Yellen detailed that the U.S. government could run out of resources to meet the nation’s obligations as soon as December 15th.
Crypto.com Buys Naming Rights to Lakers’ Staples Center
-The Staples Center will be renamed Crypto.com next month in a $700 million deal for the naming rights to the home of the Los Angeles Lakers.
-Linking Crypto.com with a top NBA brand offers crucial brand awareness to help Crypto.com capture market share in the growing digital currency space.