State Street; ICICI Mull Joint Custody Venture in India
State Street is reportedly in talks with India's ICICI Bank to create a joint venture in the custody and securities services market, according to Indian press reports.
Citing unnamed sources, India's Business Standard says that Boston-headquartered State Street would assume a minority stake in the new firm. State Street and ICICI officials declined to comment.
ICICI operates in the domestic custody business, but needs a partner if it wants to make any inroads in global custody. With about $21.8 trillion in assets under custody and administration, State Street has been looking for a local Indian partner for about a year and was reportedly was in talks with other local banks for a similar initiative. However, no deal was ever struck.
Written by Chris Kentouris, Editor-in-chief (Chris can be contacted through Chris.Kentouris@hotmail.com)