State Street Corp investing $1.87B

For approximately $1.87 billion, State Street has announced that they will buy the securities services business of Italian banking group Intesa Sanpaolo. State Street President and Chief Operating Officer Jay Hooley said in a statement that the acquisition will give the company new customers that it can cross-sell products and services to and provide more access to the insurance market while strengthening its fund accounting and offshore fund servicing components.

They are looking to finalize this agreement in the second quarter.

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State Street Corporation is a financial holding company. The Company, through its subsidiaries, including its banking subsidiary, State Street Bank and Trust Company, State Street Corporation, provides a range of products and services for institutional investors worldwide. The Company operates in two lines of business: Investment Management and Investment Servicing. The business provide services to support institutional investors, including custody, daily pricing, record keeping and administration, shareholder services, foreign exchange, brokerage and other trading services, securities finance, deposit and short-term investment facilities, loan and lease financing, investment manager and hedge fund manager operations outsourcing, performance, risk and compliance analytics, investment research and investment management, including passive and active United States and non-United States equity and fixed-income strategies.

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