Expanding into a new area of securities processing, Bank of New York said Wednesday it would buy an 80% stake in Everen Clearing Corp. for an undisclosed sum.

After regulatory approvals, which are expected by the fourth quarter, the $63 billion-asset banking company would enter the correspondent clearing business, which involves executing trade orders and performing settlements for outside broker-dealers.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

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