Bank of New York Mellon eyes top spot in Germany

FRANKFURT, March 30 (BestGrowthStock) – Bank of New York Mellon
(BK.N: ) wants to become biggest player in asset servicing in
Germany, the U.S. bank’s president said, in a sign it will make
further acquisitions in Europe’s largest economy.

Gerald Hassell said Bank of New York Mellon had become the
second largest provider of fund administration services in
Germany following its acquisition of BHF Asset Servicing GmbH,
according to an interview with German daily Handelsblatt on
Tuesday. [ID:nSGE6270BT]

The U.S. bank should become the largest provider within
three years, Hassell said, adding he was also on the lookout for
acquisitions in the rest of Europe.

Hassell said if other acquisition opportunities were to come
on the market, such as WestLB (WDLGgi.F: ) Mellon, a joint venture
with the Duesseldorf-based Landesbank, Bank of New York Mellon
would be a natural candidate to buy the business.

Bank of New York Mellon has the funds to make acquisitions
and, thanks to its fee-based business, continues to expect
revenue growth, Hassell said.

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(Reporting by Edward Taylor; Editing by Dan Lalor)

Bank of New York Mellon eyes top spot in Germany