State Street announced on Tuesday that it has signed a preliminary agreement to acquire the securities services business jointly established by Santander Group and CACEIS in Brazil, Mexico, and Colombia.

This transaction will significantly expand State Street's footprint in the Latin American region, positioning it as a leading provider of custody and asset management services in the three major institutional investment markets in the area. The acquisition involves joint venture assets totaling approximately $470 billion in custody and $225 billion in administrative assets.

Following the completion of the deal, State Street plans to retain the experienced local team from the acquired business and continue operations through existing market licenses and regulatory frameworks. The Chairman and Chief Executive Officer of State Street stated that this deal will enable the company to better serve global clients with cross-border and local investment needs in Latin America, while strengthening its ability to support investor participation in the region's growth opportunities.

State Street is a leading global financial services institution. As of June 30, 2026, it managed $57.9 trillion in custody and administrative assets, and $6.3 trillion in assets under management, with operations spanning over 100 markets worldwide. This acquisition aligns with the company's recent strong financial performance, as second-quarter revenue increased by 17% year-over-year to a record $4.0 billion, and adjusted earnings per share rose 44% from the prior year to $3.65.

State Street plans to sign the final acquisition documents after completing consultation procedures with relevant employee representatives. The transaction is subject to regulatory approvals and other customary closing conditions, with completion expected in 2027.