A group of Mellon Bank Corp. executives want to do a leverage buyout of the trust processing unit that the bank recently put up for sale, sources said.
The Mellon executives, who were not identified, hope to recruit George DiNardo, the bank's former technology chief who left two years ago, to head the unit, according to sources at last week's American Bankers Association technology conference in New Orleans.
"I've heard the rumor, but nobody's approached me," Mr. DiNardo said when reached by telephone. A spokesman for Mellon declined to comment.
Mellon acquired the trust processing unit last spring from Old Kent Bank. The Pittsburgh-based bank wants to sell it and two other outsourcing businesses that provide technology services to banks and other companies. The three units earned about $94 million in revenue last year.
