The Wall Street Journal is reporting that BMW Financial has acquired Triad for $7 billion in cash and stock, a move that would transform the financial services company into a global leader in the financial technology industry.
The acquisition would create the world’s largest bank by assets and could give Triad a significant presence in the emerging financial technology space, analysts say.
Triad, which was founded in 2010 by three former U.S. bank executives, is a wholly owned subsidiary of BMW Financial.
The deal could bring Triad to the United States in the next several years, though the company hasn’t yet disclosed any investment plans.
The transaction is expected to close in the fourth quarter of 2020.
Trisco Advisors, the parent company of Triad, is based in Singapore and operates in a variety of financial services areas.
Triad was founded by two former Goldman Sachs executives.
The company employs about 5,500 people worldwide.