HSBC (HBC) may be considering a bid for Northern Trust (NTRS), a California-based financial services group, The Daily Mail said.

Northern Trust has more than $643 billion of assets under management and counts more than 20% of the wealthiest families in the U.S. among its clients.

"Rumors persist that [HSBC] is lining up a $65 a share cash offer," the Daily Mail said, without naming its sources.

HSBC, Europe's biggest bank, recently pulled out of a bid to acquire a majority stake in South Africa's Nedbank.

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