Chase &s;amp; & Wells Fargo will merge its online banking and consumer banking businesses to form a new company, according to people familiar with the matter.
The deal is expected to close in the second half of this year and is expected to close by the end of the year.
Chase is one of the most popular banks in the United States, with more than $500 billion in assets.
The merger of the businesses, called Chase Bank USA, could give the company greater access to customers and better products.
Chase will retain its existing bank services, but the company is also expected to acquire other banks’ consumer banking business and to make acquisitions of existing businesses in the consumer banking industry.
The merged entity will have about 3,400 employees and a $2 billion cash balance, according a person familiar with its plans.
Charter Communications, which owns NBCUniversal, the parent of CNBC, is the parent company of the merged entity.
Chronicle, which is owned by CBS Corp., also owns Chase, which merged with Bank of America Corp. in the 1990s.
The merger would give Chase a combined presence in the U.S. with about 4,400 branches and 5,500 customers.
The new entity would also have access to about 2,000 accounts for Wells Fargo customers, the people said.
Chandler and Wells Fargo merged in the late 1990s as a result of the merger of Chase and Bank of American in the mid-1990s, which helped accelerate the rise of the American banking industry, which had been dominated by two rival companies, Chase and the Federal Reserve.
Chadwick D. White/APChase’s business was hit hard by the economic downturn, and it was forced to rely on outside lenders and private banks to help pay its debts, said Robert Lauten, the founder and chairman of Lautens Consulting, which advises banks.
The company has also struggled to gain market share in the digital economy, where online and mobile banking are increasingly popular.
But Chase has also found success in the payment industry, where it has helped make payments easier for consumers and businesses.
Chilean banking services have been available to millions of people in the country for more than a decade, and its banking network has become more efficient.
It also has the most extensive international network of banks in Latin America and the Caribbean.
The company is not required to report financial information to the government, and most of its businesses are not subject to capital controls.
Chases chief executive, John Deere, said in September that he would retire by the year’s end, citing the growing challenges facing the company.