NEW YORK ( TheStreet) -- M&T Bank's ( MTB) talks with Banco Santander ( STD) supposedly have fallen through, but there could be other bidders in line to try to buy the entire bank.

PNC Financial ( PNC) and Wells Fargo ( WFC) may also be interested in buying M&T Bank.

"If someone like PNC would buy them it would be logical," said Roman Regelman Vice President at Booz & Company. "M&T would get more exposure. In the case of PNC versus Santander, they may pay more attention to the management team."

Santander apparently planned to merge M&T with its Sovereign bank operations, but discussions were rumored to collapse over disagreements on who would manage the US merged entity.

"I don't see that, if MTB won't sell to Santander I can't see them selling to PNC. There is more overlap with the Sovereign Bank footprint, so I think Santander is the preferred buyer if MTB wants to sell," wrote KBW analyst Fred Cannon in an email.

M&T became a target after the Irish government's forced Allied Irish Bank ( AIB)to raise additional capital through asset sales. One of those sales is a 22.5% stake in M&T Bank, supposedly worth about $2.2 billion .

M&T may not want to sell at all. There are reports that the bank could be talking to institutional investors about picking up the stake in the bank. Collyn Gilbert of Stifel Nicolaus believes that a number of M&T shareholders -- including Warren Buffett -- could also bid for Allied Irish's stake in order to increase their holdings in the U.S. bank.

Alternatively, she suggests that M&T management may be able to buyback the stake itself.

--Written by Maria Woehr in New York.

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