State Street completes buying Mizuho’s global securities services businesses

US custodian bank State Street Corporation has completed buying Mizuho Financial Inc’s offshore securities services businesses, eight months after announcing the deal with the Japanese firm. State Street has taken over Mizuho’s global custody, cross-border fund servicing domiciled in Cayman Islands, Bahamas and Luxembourg, European securities agency business, and sub-custodian and securities lending services in the US, the bank says in a statement on October 2. The value of the deal has not been publicly disclosed. Mizuho had more than US$600 billion of overseas assets – $580 billion under custody and $24 billion under administration – as of end-2024. Joerg Ambrosius, president of investment services at State Street, says the two companies have worked closely to analyse Mizuho’s offshore securities servicing model in order to ensure a seamless transition for clients. Boston-based State Street had around $49 trillion of assets under custody and/or administration as of June 2025.