In an effort to develop its asset servicing business in Germany, Bank of New York Mellon Corp. [BK] announced Monday that it has agreed to buy BHF Asset Servicing GmbH from BHF-Bank Aktiengesellschaft for $343 million.

The deal, which is expected to close in the third quarter, would make BNY Mellon the second largest asset servicing provider in Germany with $642 billion in assets under custody and administration and a depot banking volume of $163 billion. In addition, the acquisition would expand BNY Mellon’s existing capabilities to include German domestic custody services and KAG fund administration.

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