BNY Mellon has agreed to acquire Penson Financial Services Australia. The Australian clearing firm, which also processes local exchange-traded equities and exchange-traded options, will become an affiliate of BNY Mellon’s Pershing unit.

Pershing, an international provider of execution and clearing services, will expand its footprint in Australia thanks to the acquisition, according to the statement.

“The deal allows us to build upon BNY Mellon’s existing presence in Australia, where we see great growth prospects in the investment services business broadly and the broker-dealer and advisor markets specifically,” said Brian T. Shea, Pershing’s CEO, in a statement.