Financial services provider Apex Group has announced that its subsidiary European Depositary Bank (EDB) is set to purchase Bank of America’s Irish depositary business.

The business, dubbed Bank of America Custodial Services (Ireland) (BACSIL), offers depositary solutions to clients having nearly $71.4bn worth of assets.

Based in Dublin, BACSIL caters to clients with diverse funds, including undertaking for collective investment in transferable securities (UCITS), alternative investment funds and offshore depo-lite fund structures, among others.

The latest deal, whose value has not been divulged, allows Apex Group to expand its depositary business in Europe.

The firm, through EDB, will also be able to further provide its depositary offerings in Luxembourg, UK, Malta, Sweden, Denmark and the Netherlands.

Subject to customary conditions, the deal is anticipated to receive regulatory approvals within this year.

Following the completion of the deal, BACSIL’s existing team will become part of Apex Group in Dublin and will help its clients with custody, digital banking, fund administration and other services.

Apex Group founder and CEO Peter Hughes said: “The addition of BACSIL continues our strategic priority of strengthening the local delivery of our independent depositary services in Europe.

“BACSIL’s clients will continue to receive all the existing solutions they require and a continuity of service, while also benefitting from access to our full range of global solutions.

“We look forward to welcoming BACSIL’s clients to the Group, with our single-source model removing the necessity for multiple service provider relationships, delivering efficiency and flexible solutions to all operational requirements of regulated funds.”

Earlier this month, Apex Group bought fund administration software company Pacific Fund Systems (PFS).