Wells Fargo & Co. said its subsidiary, Wachovia Bank, has agreed to acquire the proprietary defined contribution plan recordkeeping business of Texas-based Comerica Bank, a subsidiary of Comerica Inc. The transaction is expected to close this quarter.

While Comerica Bank will no longer offer Comerica RETIRE, its own proprietary, self-branded defined contribution/401(k) product, Comerica Securities will continue to distribute third-party defined contribution and 401(k) products, according to a statement.

Through this transaction, Wells Fargo will acquire Comerica Bank’s proprietary retirement services business, which provides recordkeeping services to 250 retirement plans with nearly 100,000 participants and manages about $3.4 billion in assets. Since late 2004, WySTAR Global Retirement Solutions, a division of Wachovia Bank, has provided administration and operation services, as well as call center services to participants in Comerica Bank-sponsored plans. This acquisition will not result in a system or a process change for companies whose plans were administered by Comerica Bank.

Wells Fargo’s Institutional Retirement group serves about 3.7 million employees and pensioners, more than 10,000 companies and manages more than $176 billion in assets.