Bank of New York Co. has agreed to buy the corporate trust business of Union Planters Corp., Memphis, for an undisclosed sum.

The deal, scheduled to close in May, includes administration for 700 government and corporate bond issues, representing $3 billion in outstanding debt. The portfolio would become part of BNY Trust Co.

The business is managed from offices in Memphis and St. Louis. Bank of New York would consolidate those into its St. Louis site.

The move would affect 10 to 12 employees, said Matt Finn, president of Union Planters Trust and Investment Management. Most of them are expected to be transferred elsewhere in Union Planters or to find jobs with Bank of New York, he said.

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