The Alabama company is instead on the hunt for nonbank acquisition candidates as well as employees or clients it could lure away from regional banks that have announced merger deals recently, John Turner says.
The London company poured cold water on speculation a deal to divest its 152-branch network in the United States was imminent. But biding its time here while focusing on issues in other parts of its global operation could drive up the price in a seller’s M&A market.
Wells Fargo plans to sell its asset management business to two private equity firms, part of Chief Executive Charlie Scharf's efforts to dump nonessential operations and help the bank emerge from years of scandals.
M&T had long coveted the Connecticut regional but couldn't make a deal work. Their merger is the latest example of regional banks joining forces to compete in an industry undergoing rapid transformation.
The five-year pledge, tied to the company's pending acquisition of CIT Group, earmarks nearly $6 billion for small-business lending and $3.2 billion for affordable housing.
The Office of the Comptroller of the Currency issued a prompt corrective action directive to First National Bank and Trust in January, requiring it to hire a forensic auditor and provide the OCC with access to documents and records.
The deal for the $63 billion-asset People's United would create a company with more than $200 billion of assets and a branch network stretching from Maine to Virginia. Buffalo-based M&T has not made an acquisition since buying Hudson City Bancorp in late 2015.
The tie-up between the two Northeastern banks, which could be announced as early as Monday, would be the latest in a string of recent deals among regionals facing competitive and economic challenges.
