TPG considers Merrill stake

Merrill Lynch might be willing to receive a fresh investment from Texas Pacific Group (TPG) if it requires new capital.

The Financial Times has said that the two parties met on Monday to discuss a variety of ways to work closer together.

The bank’s chief executive John Thain was present as was David Bonderman, one of the founders of TPG.

The investment firm reportedly said it could put in up to US$3bn if it gained a seat on the board.

Merrill has received US$12.2bn investments from sovereign wealth funds including Singapore’s Temasek and the Kuwait Investment Authority.