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Financials

UPDATE 1-M&T Bank may merge with People's United Financial in all-stock deal- WSJ

(Adds details from WSJ report on combined company’s management)

Feb 21 (Reuters) - M&T Bank Corp is nearing an agreement to merge with People’s United Financial Inc, with the two companies discussing an all-stock deal that could be finalized as soon as this week, the Wall Street Journal reported, citing people familiar with the matter.

The banks will have more than $200 billion in assets combined, according to the report on.wsj.com/3qM0Z8c. People's United has a market value of about $6.6 billion, while M&T's is over $19 billion.

The combined company is likely to be led by M&T Chief Executive René Jones and maintain a significant corporate presence in Bridgeport, the newspaper said.

The companies did not immediately respond to a Reuters request for comment late on Sunday.

Reporting by Kanishka Singh in Bengaluru; Editing by Christian Schmollinger and Sam Holmes

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