State Street Plans Securities Services Buys
State Street is seeking to expand its securities services division outside the U.S. through acquisitions.
State Street is seeking to expand its securities services division outside the U.S. through acquisitions, Financial Times reports. The firm is seeking to bulk up a custody and securities services arm that can benefit from greater scale under the direction of its CEO, Jay Hooley. The company may spread out the costs of information technology expenses and boost returns in addition to increasing its asset pool. Previously, State Street acquired the securities services businesses of Italian bank, Intesa Sanpaolo, in 2009 for about €1.3 billion.
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