State Street Corporation to take full ownership of Statestreet HCL Services
State Street Corporation (NYSE: STT), a prominent player in the financial services industry, has announced plans to finalize the acquisition of joint venture (JV) operations, Statestreet HCL Services, from HCLTech. The agreement, expected to be completed in the second calendar quarter of 2024, is in line with the existing JV arrangement formed in 2012 to deliver business operations services.
Strategic Benefits of the Acquisition for State Street
This strategic move is part of State Street’s ongoing transformation and productivity plan, aimed at simplifying its global operating model. The acquisition will enable State Street to streamline its operations in India, enhancing the efficiency and decision-making process while providing a more effective client experience. This initiative follows State Street’s recent full ownership acquisition of another separate joint venture in India in October 2023.
Continued Partnership Between State Street and HCLTech
Mostapha Tahiri, Executive Vice President and incoming Chief Operating Officer of State Street Corporation, emphasized that the integration is a natural evolution of their successful relationship with HCLTech. Tahiri highlighted the aim to create additional scale and advance the operational model with a focus on client needs. Srinivasan Seshadri, Chief Growth Officer and Global Head of Financial Services at HCLTech, expressed pride in the collaboration and anticipation for the continued partnership in key priority areas.
Global Operations and Services of State Street Corporation
State Street operates through a comprehensive global model with multiple locations across the Americas, Europe, and Asia. The company is known for delivering high-quality investment services and expertise, providing full-service coverage with overlapping operational hours globally, ensuring seamless service to its clients.