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Bank of New York Mulls Branch Sale

J.P. Morgan is poised to pay up to $4 billion, <I>CNBC</I> says.
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Shares of

Bank of New York

(BK) - Get Bank of New York Mellon Corporation Report

rose Thursday after a report said it is close to selling its retail banking network to

J.P. Morgan

(JPM) - Get JPMorgan Chase & Co. Report

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The assets could fetch as much as $4 billion,


said, citing people close to the negotiations.

According to the report, Bank of New York would sell about 300 retail banking branches to J.P. Morgan, effectively exiting the business of retail banking. The company would focus on its core franchises of securities custodial services and institutional services.

In premarket trading, Bank of New York shares rose $1.33, or 3.9%, to $35.75.