Bank of New York Mellon Corp. agreed today to acquire Germany's BHF Asset Servicing GmbH. The world's largest custodian of financial assets provided this information in an announcement today.

BNY will acquire BHF Asset Servicing GmbH from BHF Bank AG and Sal. Oppenheim Jr. & Co. The deal is worth $343 million reportedly.

Bank of New York Mellon, the New York based banking major, said the deal is expected to close in the third quarter of this fiscal. According to the deal, BNY will acquire BHF Asset Servicing's fund administration affiliate and Frankfurter Service Kapitalanlage Gesellschaft GmbH. Also as per the terms of the deal, it should immediately add to earnings. Bank of New York Mellon said that it would fund the deal with cash on hand.

According to the bank, the client numbers and volumes are expected to grow and the combined German business of BNY would be around $642 billion in assets under custody after the acquisition.

Also, BNY said that it will continue to consider other acquisitions in Europe even after this deal.