State Street Corporation said it has signed an initial agreement to acquire the Santander CACEIS Latam Securities Services joint venture in Brazil, Mexico and Colombia. The joint venture is owned by Santander Group and CACEIS and has approximately $470 billion in assets under custody (AUC) and about $225 billion in assets under administration (AUA).

The transaction is intended to establish a leading asset-servicing platform across Brazil, Mexico and Colombia, expanding custody, fund administration and banking services for institutional investors.

State Street said the deal would strengthen its presence in Latin America and position it as a leading provider of custody, foreign exchange and other middle- and back-office services in the region’s three largest institutional investment markets: Brazil, Mexico and Colombia. The company said that combining its global platform with local market presence, regulatory expertise, end-to-end servicing capabilities and regional talent would expand its global asset-servicing network and improve its ability to support institutional investors in fast-growing markets.

The move comes as global custodians continue to extend their reach into local markets where institutional clients often need both cross-border infrastructure and country-specific operating capabilities. For State Street, the transaction would add scale in a region where market access, regulatory frameworks and client servicing requirements can vary significantly by country, making local expertise an important part of the operating model.

“Our success in serving the world’s largest and most sophisticated global investors is predicated on our deep local presence and expertise throughout the world. Effectively serving global and regional clients in Brazil, Mexico and Colombia requires this same deep local expertise and presence formula,” said Ron O’Hanley, chairman and chief executive officer of State Street. “This transaction will allow us to better serve our global clients with cross-border and local investment needs in Latin America and strengthen our ability to support investors as they access growth opportunities and manage global investment portfolios, to deliver better outcomes for investors.”

State Street said that, once the transaction closes, it plans to retain the business’s experienced local teams and continue operating the entities through their existing market licenses and regulatory frameworks.

“Our clients are looking for an essential partner that can deliver consistently across markets,” said Joerg Ambrosius, president of Investment Services at State Street. “By combining State Street’s global platform, which services clients in more than 100 markets, with established local capabilities in Latin America, we are creating a more powerful and connected service model. This expanded model will help clients navigate complexity, manage risk and pursue growth in the region with confidence.”

State Street said it intends to enter into definitive acquisition documentation after completing consultation processes with relevant employee representatives. The transaction remains subject to regulatory approvals and other customary closing conditions and is not expected to close until sometime in 2027.

State Street Corporation