State Street Corporation announced today that it has signed an initial agreement to acquire the Santander CACEIS Latam Securities Services joint venture in Brazil, Mexico, and Colombia. The joint entity, owned by Banco Santander and CACEIS, holds approximately $470 billion in assets under custody (AUC) and around $225 billion in assets under administration (AUA). The transaction will reinforce State Street’s presence in Latin America and establish the firm as a leading provider of custody, foreign exchange, and other middle- and back-office solutions across the region’s three largest institutional investment markets.
Combining State Street’s global platform with an established local market presence, regulatory expertise, end-to-end service capabilities, and top talent in Latin America will significantly expand the company’s global asset servicing network and strengthen its ability to support institutional investors in some of the world’s fastest-growing investment markets.
“Our success in servicing the world’s largest and most sophisticated global investors is built on our deep local presence and expertise around the globe. Effectively serving global and regional clients in Brazil, Mexico, and Colombia requires that same formula of local presence and specialized knowledge,” said Ron O’Hanley, Chairman and CEO of State Street. “This transaction will enable us to better serve our global clients with cross-border and local investment needs in Latin America, while also strengthening our ability to support investors in accessing growth opportunities and managing global portfolios to deliver better outcomes,” he added.
Following the closing of the transaction, State Street expects to retain the business’s experienced local teams and continue operating the entities through their existing market licenses and regulatory frameworks.
Joerg Ambrosius, President of Investment Services at State Street, stated: “Our clients are looking for an essential partner capable of delivering seamlessly across all markets.” He concluded: “By combining State Street’s global platform, which serves clients in more than 100 markets, with established local capabilities in Latin America, we are creating a stronger, more connected service model. This expanded model will help clients navigate complexity, manage risk, and pursue growth in the region with complete confidence.”
State Street intends to enter into definitive acquisition documentation following the completion of consultation processes with relevant employee representatives. The transaction is subject to regulatory approvals and other customary closing conditions, and is not expected to close until sometime in 2027.
Goldman Sachs & Co. LLC is acting as financial advisor to State Street on the transaction, while Freshfields is serving as legal counsel.
