Bank of New York Sees Europe M&A Chances

BEIJING (TheStreet) -- Bank of New York Mellon(BK Quote) sees greater acquisition opportunities in Europe than in Asia.

Robert Kelly, the bank's chairman and CEO, said financial firms in Europe were harder hit by the global economic crisis than their counterparts in Asia and as a consequence were refocusing their businesses, Reuters reports.

Bank of New York plans to seek merger and acquisition opportunities in Europe, while looking to expand through joint ventures or organically in the Asia-Pacific region, a separate report from Marketwatch says.

The bank aims for non-U.S. markets to contribute more to the company's earnings in the future, with half of its earnings coming from outside the U.S. in three to five years, according to Marketwatch.

Kelly, speaking to reporters, said the bank was in the final stages of obtaining regulatory approval in China for its planned fund management joint venture with China's Western Securities, in which it will hold a 49% stake, Reuters says.

-- Reported by Joseph Woelfel in New York .

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