BNY Mellon pushes into Germany
Wednesday, 10 March 2010 11:35am
BNY Mellon has bought the BHF Asset Servicing business for $374 million in a move that makes BNY Mellon the second largest asset servicing provider in Germany.
The deal means BNY Mellon will buy BHF Asset Servicing GmbH from BHF BANK Aktiengesellschaft and Sal. Oppenheim jr & Cie. S.C.A subject to regulatory approvals.
The combined German business represents $700 billion in assets under custody and administration and will be based in Frankfurt am Main serviced by 340 staff.
In addition, the deal means BNY Mellon will expand its existing capabilities to encompass the provision of German domestic custody and KAG fund administration.
"We've had a successful relationship with BHF-BANK for more than seven years and this transaction was the next logical step for our growing business, one that further underlines our long-term commitment to the German market," said Michelle Grundmann, managing director at BNY Mellon in Frankfurt.
The firm has been servicing clients in Germany since 1931 and it opened its first office in Frankfurt in 1972.
Press release
This story was found at: http://www.financialstandard.com.au/news/view/28244
Printed: Wednesday, 8 September 2010 7:04am