M&T’s Chief Executive will lead the combined company, which will have about USD 200 billion in assets. The tie-up between M&T and People’s United marks the latest in a string of recent deals among regional banks as they seek size to counter low interest rates, tepid loan demand and the need for greater technology spending.
Huntington Bancshares agreed to buy TCF Financial for about USD 6 billion in December 2020, while PNC Financial Services Group said in November 2020 it will pay USD 11.6 billion for Banco Bilbao Vizcaya Argentaria SA’s banking operations in the US.
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