Northern Trust Corp. said it plans to remain a standalone company following a report that Bank of New York Mellon Corp. approached it about a possible merger.
“While our policy is to not comment on market rumors, I can tell you that Northern Trust is fully committed to remaining independent and continuing to deliver long-term value to our stakeholders,” a spokesperson for the Chicago-based firm said in a statement.
The Wall Street Journal reported Sunday that the chief executives of the banks had at least one conversation last week, citing people it didn’t identify. The firms didn’t discuss a specific offer and BNY is considering its next steps, which might include a formal bid, the Journal said.
Shares in Northern Trust rose more than 10% in New York on Monday morning and were up 6.5% at 12:44 p.m.
A tie-up would bring together two of the largest custodian banks in the world. Northern Trust has a market value of more than $23 billion following its share gains while BNY’s is roughly $63 billion.
Both firms offer services including custody of client assets, wealth and asset management and other banking business. BNY, founded by Alexander Hamilton in 1784, says it’s the world’s largest custody bank, with such assets surpassing $53 trillion as of the end of March.
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