State Street Corporation (NYSE:STT) today announced the expansion of their strategic relationship with Intesa Sanpaolo (ISP:MI), one of the top banking groups in Europe and a leader in Italy in retail and corporate banking, and wealth management.
As part of this expanded relationship, State Street has entered into an agreement with Intesa Sanpaolo 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-year long successful collaboration between State Street and Intesa Sanpaolo, this extended relationship expands 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.”
