BNY Mellon snags BHF unit

BNY Mellon said Monday that it will buy BHF Asset Servicing GmbH for 253 million euros ($343 million). The purchase from BHF-BANK Aktiengesellschaft and Sal. Oppenheim jr. & Cie. S.C.A. includes BHF affiliate Frankfurter Service Kapitalanlage-Gesellschaft mbH. "This transaction expands our capabilities and market share in one of the world's largest fund markets, positioning BNY Mellon at the forefront among securities servicing providers in Germany and creating a strong platform for growth across our businesses," Tim Keaney, Chairman of Europe at BNY Mellon and co-CEO of BNY Mellon Asset Servicing, said in a statement. The combined company will have 473 billion euros ($642 billion) in assets under custody and administration. BNY Mellon said it will fund the transaction itself, but did not provide specifics. The deal, which is targeted to close in the third quarter, is expected to immediately add to BNY Mellon's earnings per share. BNY Mellon is the corporate brand of the Bank of New York Mellon Corp. Last month Bank of New York Mellon said it was buying the global investment servicing business of PNC Financial Services Group Inc. for $2.31 billion in cash.