Bank of New York Co. said Monday that it had signed a contract to buy the global custody operations of Royal Bank of Scotland, solidifying an agreement announced by the two companies in March.

The deal includes $640 billion in custody assets in Royal Bank's RBS Trust Co. subsidiary. The companies said they still need regulatory approval but hope to close the deal by the end of September.

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.