Sal. Oppenheim and BHF-BANK in the Sale of their Subsidiary BHF Asset Servicing to Bank of New York Mellon

Cleary Gottlieb is representing Sal. Oppenheim jr. & Cie. S.C.A (SOP) and BHF-BANK Aktiengesellschaft in the sale of BHF Asset Servicing to Bank of New York Mellon (BNYM), making BNYM the second largest provider of assets held in Germany. The transaction will include the purchase of BHF Asset Servicing’s wholly-owned fund administration affiliate, Frankfurter Service Kapitalanlage-Gesellschaft (FSKAG). The purchase price amounts to €253 million. The transaction was announced on March 8 and is subject to regulatory approval.

SOP is the Luxemburg-based holding company of Sal. Oppenheim Group which was acquired by Deutsche Bank in March 2010.