Two banking giants of Canada, Royal Bank of Canada and Canadian Imperial Bank of Commerce have observed Boston Private Bank & Trust as a potential acquisition target to expand their US wealth management businesses.
According to a Wall Street Journal report, RBC has been in talks to acquire Boston Private before reaching a deal to buy another US-based lender last month, while CIBC has also considered Boston Private on its acquisition list.
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RBC initially valued the private bank at $2bn which it later found to be too high and passed on, buying First Republic in San Francisco, revealed the report citing people familiar with the matter.
CIBC spokesman Kevin Dove denied commenting on the issue stating it as a rumor while Boston Private and RBC were unavailable for comment.
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