State Street Corporation (NYSE:STT) and HCLTech today announced that they are finalizing plans for State Street to take full ownership of Joint Venture Operations (JV) Statestreet HCL Services, established in 2012 to provide business operations services.
This integration, which is based on arrangements aligned with the existing JV agreement and is expected to be completed in the second calendar quarter of 2024, will further streamline State Street’s operating model in India and continue State Street’s ongoing transformation and productivity plan and its global operating model simplification strategy.
State Street has worked with HCLTech for more than a decade, and that partnership has grown into a valuable service and operations center for the company and its customers. State Street has a long-standing presence in India and in October 2023 acquired full ownership of a separate joint venture with another partner. Bringing State Street HCL Services’ capabilities and expertise in-house will create a more streamlined model to facilitate faster decision-making and a more efficient and effective experience for its clients.
“This integration is a natural progression of our successful relationship with HCLTech, which remains a strategic technology partner,” said Mostapha Tahiri, executive vice president and new Chief Operating Officer of State Street Corporation. “By creating additional scale, we remain committed to further advancing our customer-centric operating model.”
“State Street continues to be one of our strategic and top 15 IT customers. We are proud to have partnered for the past eleven years and look forward to our continued collaboration in key priority areas for State Street,” said Srinivasan Seshadri, Chief Development Officer and Global Head, Financial Services, HCLTech.
State Street conducts operations through a global operating model with multiple locations across the Americas, Europe and Asia. The firm provides high quality investment services, expertise and full service coverage with complementary and overlapping business hours worldwide.