M&T to acquire People's United for USD 7 billion

Monday 22 February 2021 10:06 CET | News

US-based M&T Bank is set to acquire People’s United Financial in an all-stock deal valued at more than USD 7 billion.

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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Keywords: M&T, People’s United, acquisition, banking, purchase, regional banks
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech