State Street to acquire Mizuho’s Global Custody Business
State Street and Mizuho Financial Group have entered into an agreement for State Street to acquire Mizuho’s global custody and related businesses outside of Japan. These businesses support the overseas investments of Mizuho’s Japanese clients.
Mizuho currently operates its global custody and related business outside of Japan through its local subsidiaries Mizuho Trust & Banking (Luxembourg), owned by Mizuho Trust & Banking, and Mizuho Bank (USA), a wholly-owned subsidiary of Mizuho Bank. Both of these entities represent combined assets under custody of approximately US$580 billion and US$24 billion in assets under administration.
After this transaction, Mizuho will leverage its expertise and network as one of Japan’s largest financial institutions to continue providing Japanese clients with trust and custody services for their domestic assets, and will collaborate with State Street for global custody and related services.
The transaction is expected to be completed by Q4 2025, subject to the regulatory approvals and other closing conditions.
State Street established its business in Japan more than 35 years ago. With an experienced team of more than 500 employees in Japan, split between locations in Tokyo and Fukuoka, State Street provides Japanese institutional investors with a comprehensive suite of services including trust, global custody, middle/back office outsourcing, data management, trading and financing solutions. State Street has an operational centre of excellence in Fukuoka which has been supporting clients in Japan and across Asia Pacific for over a decade. State Street has been present in Luxembourg for 35 years providing services including fund administration, custody and transfer agency. From its headquarters in Boston, Massachusetts, State Street operates globally in more than 100 geographic markets.
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