Boston-based State Street Corp. agreed to
buy the securities-lending and record-keeping business of Deutsche
Bank AG, Europe’s largest lender, for as much as $1.5 billion to
become the world’s No. 1 custodian of assets.
State Street will pay Deutsche Bank in cash or a combination
of cash and stock, the companies said in a statement. The
transaction is expected to be completed in four months.
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State Street Chief Executive Officer David Spina has been
seeking to add customers as fees from existing clients drop with
the slump in stock prices. Deutsche Bank CEO Josef Ackermann, by
contrast, is selling businesses to try to revive profit.
The purchase adds about $2.2 trillion of assets and broadens
“our client base around the world,” Spina said in the statement.
When takeover negotiations were disclosed in September, analysts
estimated the business would sell for less than $1 billion.
Bloomberg News
