Bank of New York Mellon is in discussions to buy PNC Global Investment Servicing, the back-office securities services arm of PNC Financial Services Group, according to a report in the Wall Street Journal.
According to those close to the matter, the deal is in the final stages of discussions, with PNC GIS being offered for around $2.5 billion.
BNY Mellon declined to comment on the matter.
PNC GIS came second in the Global Custodian Mutual Fund Administration Survey 2009, behind State Street. However, revenue for the unit was down 50% year-on-year, to $63 million.
PNC still owes $7.6 billion in Troubled Asset Relief Program funds.
PNC GIS services for $1.8 trillion in total assets and 75 million shareholder accounts.
The WSJ article can be found here