British banks HSBC Holdings Plc and Royal Bank of Scotland Group Plc have each started talks to buy New York's Greenpoint Financial Corp, the Business newspaper reported.
Talks are at an early stage after GreenPoint hired two investment banks to help find a buyer, the paper said. HSBC and Royal Bank of Scotland are the main British contenders to bid for GreenPoint, the Business said, citing banking sources.
Greenpoint, which has a market value of about $6 billion, has about 90 branches and a mortgage business. The lender has hired investment banks Keefe, Bruyette & Woods Inc and Lehman Brothers Holdings Inc to advise on sale options after profit fell for two straight quarters.
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