Bank of New York Mellon Corp. approached Northern Trust last week to express interest in merging with its smaller rival, the Wall Street Journal reported on Sunday.
The chief executives of BNY and Northern Trust had at least one conversation, but no offer was discussed, the newspaper reported citing people familiar with the matter.
BNY may approach Northern Trust in the future with a formal bid, however it may not result in a transaction, the report added.
BNY has a market cap of $65.55 billion while Northern Trust has a market cap of $21.76 billion, according to LSEG.
In May, BNY received a license to set up a regional headquarters in Saudi Arabia, joining other banks lured by incentives as the kingdom seeks to boost its appeal as a financial hub.
Bank of New York Mellon declined to comment, while Northern Trust did not immediately respond to Reuters request for comment.
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