American financial services firm Ares Investment Management has tapped Macquarie Group for talks about a combined effort to acquire AMP Ltd.

It is understood Ares has Macquarie running the numbers on AMP’s Australian banking business, AMP Bank, to see whether it would be interested in acquiring the unit as part of Ares’ bid for the whole group.

Sources said Macquarie had expressed an early interest, although diligence was ongoing and there was no certainty Ares and Macquarie would be able to agree terms.

Ares and Macquarie’s talks come after AMP’s suitor spoke to each of the Australian second tier bank owners about their interest in acquiring AMP Bank, including Suncorp, Bank of Queensland and Bank of Adelaide and Bendigo Bank.

AMP Bank is expected to record about $150 million profit in the coming financial year, and analysts reckon it could be worth $2 billion to $2.5 billion.

Street Talk has the full details on the Ares-Macquarie talks here.