Keycorp and Boatmen's Bancshares were among the companies "actively interested" in buying Provident Investment Counsel, which was sold to United Asset Management for $475 million earlier this week, sources told the American Banker.

The sources were unable to say whether the banks went so far as to conduct duediligence reviews or submit bids. But their interest is yet another example of banks seeking out opportunities to expand their money management businesses through acquisitions.

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