State Street Talking With ICICI Bank to Form Securities-Custody Business Pact -Report
July 04 2012 - 11:57PM
Dow Jones News
State Street Corp. (STT) is in talks with ICICI Bank (532174.BY)
to form a partnership in the securities custody business, the
Business Standard daily reported Thursday citing officials close to
the development.
The U.S.-based financial services company is likely to buy an
equity stake in a proposed joint venture, the report said.
"State Street is keen on picking a majority stake in the
proposed venture. It may settle for a significant minority stake,"
the report quoted an unnamed official.
According to the report, an ICICI Bank spokesperson said it does
not comment on market speculation. State Street also said it does
not comment on market rumors.
Newspaper website: http://www.business-standard.com
Write to djn.in@dowjones.com
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