Bank of New York Mellon Corp., the world’s biggest custody bank, said it may consider other acquisitions in Europe after agreeing to buy BHF Asset Servicing GmbH in Germany.

The bank will “carefully examine” takeover opportunities that arise in Europe even as the focus remains on organic growth, Michelle Grundmann, managing director and Frankfurt branch head at BNY Mellon, said in an interview.
New York-based BNY Mellon agreed today to buy BHF Asset Servicing for 253 million euros ($346 million) from BHF-Bank AG and Sal. Oppenheim Jr. & Cie.
The combined company will have 473 billion euros in assets under custody and administration in Germany and a depot banking volume of 120 billion euros.
The combined company expects client numbers and volumes to grow and said it may expand its presence in Germany.
Asset custodians are buying units from banks and other financial firms that are reassessing their holdings after the financial crisis triggered $1.7 trillion in write-downs worldwide.
(Source: Bloomberg)