“Multiple sources” have confirmed to industry news outlet Global Custodian that custody banks Brown Brothers Harriman and BNP Paribas Securities Services held talks to merge last year, but without being able to reach a deal.

According to Global Custodian’s article (paywalled), BBH has been discussed as a merger candidate for several years, reportedly having held similar discussions with Northern Trust in 2018 and 2019 – also without result.

A merger with BBH would have given BNP Paribas Securities Services important traction in the US market, where it has made it a strategic priority to make progress in the domestic fund market. In return, BBH would benefit from scale to manage the cost for tech upgrades and regulation.