State Street Granted Banking Licence by Jersey Financial Services Commission
State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, has expanded the services it provides to institutional investment clients to include Jersey-based banking.
State Street has been granted a deposit-taking licence by the Jersey Financial Services Commission to provide banking services from Jersey to complement the fund administration services it currently offers in Europe. State Street, which has more than 400 employees on the Island, is the first Boston-headquartered bank to hold such a licence in Jersey.
Phil McGowan, senior managing director of State Street’s private equity, real estate and corporate services business in Europe, the Middle East and Africa commented,
“Offering banking services from Jersey is an important component of our value proposition for institutional clients. It is gratifying to increase our commitment to the Island by extending our solutions to include these additional services.”
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $21.8 trillion in assets under custody and administration and $1.9 trillion* in assets under management at December 31, 2011, State Street operates in 29 countries and more than 100 geographic markets. For more information, visit State Street’s web site at www.statestreet.com.