(Reuters) -Bank of New York Mellon Corp ( BK ) approached Northern Trust ( NTRS ) 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 ( NTRS ) had at least one conversation, but no offer was discussed, the newspaper reported citing people familiar with the matter.

BNY may approach Northern Trust ( NTRS ) 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 ( NTRS ) has a market cap of $21.76 billion, according to LSEG.

In May, BNY received a licence 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 ( BK ) declined to comment, while Northern Trust ( NTRS ) did not immediately respond to Reuters request for comment.