Bank of New York Mellon (BK) To Purchase PNC Services Unit

Bank of New York Mellon Corp. (NYSE: BK) has made a deal with PNC Financial Services Group Inc. (NYSE: PNC) to acquire PNC Global Investment Servicing, PNC's back office operations unit, for $2.31 billion.

PNC Financial Services Group Inc. put the unit up for sale months ago in an effort to raise cash to pay down about $7.6 billion in government Troubled Asset Relief Program funds.

According to Bank of New York Mellon Corp., the deal will increase its assets under administration by $855 billion and make the bank the second biggest provider in the fund accounting, administration and transfer agency businesses.