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Article: MassMutual Wealth Push May Include Buying Bank.
- Article from:
- American Banker
- Article date:
- April 5, 2005
- Author:
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MassMutual Financial Group has expanded its products and international reach in the past year and now has its sights set on buying a "high-net-worth" bank to support an aggressive growth strategy, its chief executive officer said in an interview.
"We are actively looking at potentially acquiring a small to medium-sized, high-net-worth bank," said Robert J. O'Connell, the company's chairman, president, and chief executive officer. "In the United States is generally where we have been looking."
Mr. O'Connell said MassMutual has been looking to buy a bank for three years. "Valuations for banks are very high," he said, however, "and the kinds of banks we ...