Harris Trust and Savings Bank, saying it couldn't keep pace with banks catering to large corporate trust clients, is selling the business to Citicorp for an undisclosed price.

"Frankly, our level of profitability was unacceptable, unsustainable and going the wrong way," said Alan G. McNally, chairman and chief executive of Harris, which is a subsidiary of the Bank of Montreal.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.