BNY Mellon Buys BHF Asset Servicing Arm For $343M

Law360 (March 8, 2010, 2:42 PM EST) -- Bank of New York Mellon Corp. announced Monday that it would buy BHF Asset Serving GmbH for €253 million ($343 million) from European banks Sal. Oppenheim Jr. & Cie. SCA and BHF-Bank AG.

The deal comes just one month after BNY Mellon said it would purchase PNC Financial Services Group Inc.'s investment servicing arm for $2.31 billion.

The BHF purchase will create the second-largest asset servicing provider in Germany, the world's fourth-largest economy, and will have €473 billion in assets under its supervision, BNY Mellon said in a statement.

The new business will employ 340 people, bringing BNY Mellon's total contingent...

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