Barclays Bank has signed an agreement to acquire Indexchange Investment from Bayerische Hypo-und Vereinsbank for $307 million in cash.

With $19.5 billion of assets under management, Indexchange is Germany’s leading provider of exchange-traded funds.

Once the Indexchange ETFs are combined with Barclays’ iShares, the firm will become the leading provider of ETFs in Europe.

“The combined business will create a powerful force to accelerate the development of ETFs in Europe,” said Bob Diamond, Barclays president. “It is our intention to continue to expand BGI’s franchise across Europe and Asia, and this is an important step in the evolution of our strategy.”

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