BNY Mellon, the US asset management and custody group, is to continue with its acquisition drive, focusing future deal-making on Europe and Asia, the Financial Times reported.

Bob Kelly, the bank’s chief executive, said it was gearing up for expansion in South Korea and China, most likely through organic growth or joint ventures, adding: “We want to strengthen our position in France and Italy. We expect more opportunities in the next 12 to 24 months.”

BNY Mellon has completed a $2.3 billion deal to acquire the securities processing business of Pittsburgh-based PNC. It also recently agreed the acquisition of BHF Asset Servicing, one of Germany’s biggest custodians, from BHF Bank and Sal Oppenheim.

The US bank did not comment when asked about the newspaper's aritcle. In the past, it has made it clear it intends to strengthen its global footprint. At its wealth management arm, meanwhile, BNY has also been expanding its market reach and raising its profile. For example, as reported by this publication, it recently purchased Toronto-based I3 Advisors, the independent wealth strategy company.

BNY Mellon has around $21.0 trillion of assets under custody.

In the UK, for example, the firm operates businesses such as the Newton fund management brand.