Bank of New York Mellon approached Northern Trust about potential merger: report

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Bank of New York Mellon Expresses Interest in Merger with Northern Trust

Bank of New York Mellon Corp. approached Northern Trust last week to express interest in merging with its smaller rival, as reported by the Wall Street Journal on Sunday.

The chief executives of BNY and Northern Trust had at least one conversation, but no offer was discussed, according to sources familiar with the matter cited by the newspaper.

The chief executives of BNY and Northern Trust had at least one conversation, but did not discuss an offer, according to The Wall Street Journal. Credit: Christopher Sadowski

BNY may approach Northern Trust in the future with a formal bid, but it may not result in a transaction, the report added.

With a market cap of $65.55 billion, BNY is larger than Northern Trust, which has a market cap of $21.76 billion, according to LSEG.

In May, BNY received a license to establish a regional headquarters in Saudi Arabia, joining other banks attracted by incentives as the kingdom aims to enhance its appeal as a financial hub.