State Street Corporation (NYSE: STT) announced today the completion of its transaction on the transfer of Mizuho Financial Group, Inc. world curator and related businesses outside Japan.
State Street has undertaken Mizuho’s Securities Services Services, including global custody services, Cayman, Bahamas and Luxembourg-Domiled Cross-Conday Servicing, a European Mobile Services Company and Title Borrowing and Borrowing Services.
These companies, organized by Mizuho Trust & Banking (Luxembourg) SA and Mizuho Bank (USA) entities, support investing abroad of Mizuho’s customers mainly in Japan, representing about $ 580 billion in assets in booking and $ 24 billion in US dollars.
“As soon as we announced the transaction in February this year, we are working closely with Mizuho’s colleagues to analyze offshore mobile values to ensure a seamless transition for Mizuho customers,” said Joerg Ambrosius. “Mizuho’s decision to outsource State Street with their estimated customers confirms their confidence in our dedication to product innovation and high quality customer service.
“We are pleased to announce the end of this transaction,” said Tsutomu Yamamoto, senior director, head of the World Bank Transaction Unit in Mizuho. “We believe that the global scale and the capabilities of the State Street will continue to support our customers’ offshore investment.”
As one of Japan’s largest financial institutions, Mizuho will continue to provide Japanese customers with confidence and custody services for domestic assets and work with State Street for worldwide custody and related services.
State Street has been operating in Japan for more than 35 years, with more than 500 employees throughout Tokyo and Fukukoka. The company offers Japanese institutional investors a comprehensive range of services, including confidence, global custody, external services, data management, negotiation and funding solutions. Its business center of excellence in Fukuoka has supported its customers in Japan and Asia -Pacific for over a decade.
State Street has also been in Luxembourg for 35 years, providing services, including the administration of capital, custody and transport service. Body in Boston, Massachusetts, State Street operates in more than 100 geographical markets worldwide.