State Street Corporation is to expand its strategic relationship with Italian banking group Intesa Sanpaolo. As part of the deal, State Street has agreed to integrate an IT business unit and outsource custody back-office operations of the Italian bank, which will strengthen State Street’s position as a primary provider of securities services in Europe.
Built on a 15 years long collaboration between State Street and Intesa Sanpaolo, the extended relationship will expand State Street’s capabilities and enables the firm to enhance its custody offering for financial institutions in continental Europe, while Intesa Sanpaolo increases operational efficiency and the level of service provided to customers.
Denis Dollaku, head of business for State Street Bank International GmbH and Italy country head, commented: “We are pleased to see our successful long term partnership with Intesa Sanpaolo expand further, which aligns with our strategic plan to deepen our position as a primary provider of securities services for European financial institutions.
“This represents an important milestone for State Street and highlights our commitment to Italy and dedication to delivering better outcome for our clients in Europe.”
