(Reuters) – Bank of New York Mellon Corp approached Northern Trust last week to express his interest in merging with his smallest rival, reported the Wall Street Journal on Sunday.
The general directors of BNY and Northern Trust had at least one conversation, but no offer was discussed, the newspaper reported by citing people familiar with the subject.
BNY could approach Northern Trust in the future with a formal offer, but that could not lead to a transaction, added the report.
BNY has a market capitalization of $ 65.55 billion, while Northern Trust has a market capitalization of $ 21.76 billion, according to LSEG.
In May, BNY received a license (link) to establish a regional seat in Saudi Arabia, thus joining other banks attracted by incentive measures while the kingdom seeks to strengthen its appeal as a financial center.
Bank of New York Mellon refused to comment, while Northern Trust did not immediately respond to Reuters’ comment request.
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