TOKYO (dpa-AFX) - State Street Corp. (STT), a financial services and bank holding company, on Friday announced that it has signed an agreement to acquire Mizuho Financial Group, Inc.'s (MFG) global custody and related businesses outside Japan. The financial terms of the deal were not disclosed.
The transaction is expected to be completed by the fourth quarter of 2025, subject to the regulatory approvals and other closing conditions.
Mizuho will also partner with State Street for global custody and related services.
Mizuho manages its global custody business outside Japan through two subsidiaries Mizuho Trust & Banking (Luxembourg) S.A., owned by Mizuho Trust & Banking Co., Ltd., and Mizuho Bank (USA), a subsidiary of Mizuho Bank, Ltd.
Together, the group oversees about $580 billion in assets under custody and $24 billion in assets under administration.
After the transaction, Mizuho will use its expertise and network as a major Japanese financial institution to offer trust and custody services for Japanese clients' local assets.
On the New York STock Exchange, State Street had closed Thursday's regular trading 0.20% higher at $97.52. In the after-hours market, it was 2.54% higher at $100.
Mizuho Financial had closed Thursday's regular trading 1.25% higher at $5.69 on the NYSE. In the extended trading, it gained 1.46% further to $5.77.
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