Bank of New York Mellon Corp. 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 of assets under custody and administration and a depot banking volume of $163 billion.

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