The European Commission Monday cleared U.S. financial services firm State Street Corp. (STT) to buy Italian bank Intesa Sanpaolo SpA's (ISNPY) global custody and fund administration services.

As part of the EUR1.75 billion deal, State Street has signed a long-term investment servicing arrangement with Intesa Sanpaolo to service all of its investment management affiliates.

-By Carolyn Henson, Dow Jones Newswires; +32 2 741 1481; carolyn.henson@dowjones.com
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