The Bank of New York said Wednesday that it has reached a definitive agreement to acquire the American depositary receipt business of BankAmerica Corp. for an undisclosed sum.

The $50 billion-asset Bank of New York, which dominates the ADR business, expects the purchase to close this week. The deal will be accretive to earnings immediately, the bank said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.