State Street acquires Mizuho’s global custody businesses
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State Street acquires Mizuho’s global custody businesses 28 February 2025Japan Reporter: Clelia Frondaroli
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State Street has partnered with Mizuho Financial group to acquire Mizuho’s global custody and related businesses outside of Japan.
Although currently operating its global custody and related businesses through its subsidiary, Mizuho Trust & Banking, this is set to change once Statestreet completes the transaction in Q4 2025, following regulatory approval.
These businesses are said to support the overseas investments of Mizuho’s Japanese clients, with Mizuho continuing to provide trust and custody services for their domestic assets as well as partnering with Statestreet for their global custody offerings.
“Japan, Luxembourg and the United States are all important markets to State Street. This transaction demonstrates our strong commitment to further accelerating our growth in these markets,” comments Stefan Gmür, head of Asia Pacific and head of strategic business growth at State Street.
Tsutomu Yamamoto, senior executive officer and head of global transaction banking unit at Mizuho, adds: “After careful consideration, we have decided to transfer our global custody business to State Street, a recognised leader with a long-established presence in Japan. This strategic move will ensure our clients benefit from State Street's global platform and deep expertise.”
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