BNY Mellon Close to Buying Investment Servicing Unit of PNC
January 29, 2010
Bank of New York Mellon is close to acquiring the Global Investment Servicing unit of Pittburgh's PNC Financial Services Group, the Wall Street Journal reported Friday.
The deal could close next week, at a price of about $2.5 billion, according to the Journal report.
The Wilmington, Del., unit of PNC helps financial advisers, brokers and fund managers simplify daily chores involved with handling transactions, keeping records, and managing the flow of information about assets they hold. The unit also helps managers deal with regulatory compliance and analyze data on hand.
All told,PNC Global Investment Servicing provides services for $1.8 trillion in total assets and 75 million shareholder accounts.
The transaction could help PNC Financial Services Group pay back a portion of the $7.6 billion it took from the federal government's Troubled Asset Relief Program in the credit crisis, according to the Journal article.
