Bank of N.Y. to Buy Wells Fargo Bond Unit

Bank of New York Co. and its BNY Western Trust Co. affiliate have agreed to acquire the corporate and municipal bond administration business of Wells Fargo & Co. for an undisclosed amount, the New York bank said. The acquisition involves more than $85 billion in outstanding securities for municipal and corporate issuers, primarily in the West. Client services would be provided through BNY Western, of Los Angeles. The transaction is expected to be completed in the first quarter of 1997. San Francisco-based Wells Fargo is in the process of divesting First Interstate Bancorp, which it acquired for $14.2 billion.