Bank of New York Mellon snaps up German custodian

Wall Street-based Bank of New York Mellon, the world's largest custodian of financial assets, is set to acquire Germany's BHF Asset Servicing for $343 million. The acquisition follows BNY Mellon's purchase of PNC Financial Services Group's fund services unit earlier this year and is part of the company's effort to expand its market share globally. This deal will catapult BNY Mellon to second place in the German custodian market (in terms of funds under custody) - the combined German business

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