State Street (STT) announced they have entered into an agreement for State Street to acquire Mizuho’s (MFG) global custody and related businesses outside of Japan. These businesses support the overseas investments of Mizuho’s Japanese clients. Mizuho currently operates its global custody and related business outside of Japan through its local subsidiaries Mizuho Trust & Banking and Mizuho Bank. Both of these entities represent combined assets under custody of approximately $580B and $24B in assets under administration. The transaction is expected to be completed by Q4, subject to the regulatory approvals and other closing conditions.
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