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State Street (STT) Expands in Latin America, Forays in Colombia
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State Street Corporation (STT - Free Report) announced its foray in to Colombia, in an effort to further expand its footprint in Latin America. This will enable the company to scale its servicing capabilities for institutional clients in the region.
Andres Zambrano Burgl will head the Colombian office and lead sales in the country. He will report to Maria Ximena Vasquez, State Street’s head of sales for Latin America and The Caribbean (ex Brazil).
By setting up operations in Colombia, State Street further expands its reach in the Latin American region, scaling "upon its first-in-class client capabilities." Last October, the company opened a new office in Chile, while in 2021, STT announced that its Brazilian subsidiary has begun offering foreign exchange services and sales operations.
Marcia Rothschild, State Street's head of Latin America and The Caribbean, stated, "State Street’s growth in the LatAm region is further solidified by this strategic expansion in Colombia. We look forward to strengthening relationships with our existing clients and expanding our outreach to new clients in the country."
Zambrano said, "This regional growth is only poised to continue across Latin America and I look forward to working with the team to provide the top-tier products and services clients have come to expect from State Street."
State Street remains well-positioned with respect to fundamental business activities. It offers a wide array of products and services to its customers through State Street Digital and State Street Alpha platforms. These, along with new business servicing wins, are expected to keep supporting fee revenues.
Apart from the efforts to grow organically, the company has been undertaking strategic acquisitions. In March, State Street announced an agreement to acquire CF Global Trading. In 2021, it acquired Mercatus. These, along with past buyouts, are expected to continue resulting in revenue and cost synergies and help the company expand its footprint across the globe.
Over the past three months, shares of STT have declined 4.7% against the growth of 4.6% recorded by the industry.
HSBC Holdings plc (HSBC - Free Report) has re-launched its Global Private Banking business in India. The lender was exploring options of re-entering the Indian markets for a year, as the country has been experiencing a surge in the number of super-rich.
HSBC exited India’s private banking business in 2015 as part of a group strategy. However, in November 2021, Nuno Matos, CEO of HSBC’s Wealth and Personal Banking division, said that the bank was exploring re-entering onshore private banking in India.
Last month, Citizens Financial Group, Inc. (CFG - Free Report) expanded its private banking business with the addition of approximately 50 new senior private bankers and related support staff in Boston, MA, Florida, New York and San Francisco.
The new team at CFG will provide personal banking, retirement planning, commercial and business banking, investment management and financial planning, and other services to families, high-net-worth individuals, nonprofits and private family foundations through the bank’s Private Banking practice.
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State Street (STT) Expands in Latin America, Forays in Colombia
State Street Corporation (STT - Free Report) announced its foray in to Colombia, in an effort to further expand its footprint in Latin America. This will enable the company to scale its servicing capabilities for institutional clients in the region.
Andres Zambrano Burgl will head the Colombian office and lead sales in the country. He will report to Maria Ximena Vasquez, State Street’s head of sales for Latin America and The Caribbean (ex Brazil).
By setting up operations in Colombia, State Street further expands its reach in the Latin American region, scaling "upon its first-in-class client capabilities." Last October, the company opened a new office in Chile, while in 2021, STT announced that its Brazilian subsidiary has begun offering foreign exchange services and sales operations.
Marcia Rothschild, State Street's head of Latin America and The Caribbean, stated, "State Street’s growth in the LatAm region is further solidified by this strategic expansion in Colombia. We look forward to strengthening relationships with our existing clients and expanding our outreach to new clients in the country."
Zambrano said, "This regional growth is only poised to continue across Latin America and I look forward to working with the team to provide the top-tier products and services clients have come to expect from State Street."
State Street remains well-positioned with respect to fundamental business activities. It offers a wide array of products and services to its customers through State Street Digital and State Street Alpha platforms. These, along with new business servicing wins, are expected to keep supporting fee revenues.
Apart from the efforts to grow organically, the company has been undertaking strategic acquisitions. In March, State Street announced an agreement to acquire CF Global Trading. In 2021, it acquired Mercatus. These, along with past buyouts, are expected to continue resulting in revenue and cost synergies and help the company expand its footprint across the globe.
Over the past three months, shares of STT have declined 4.7% against the growth of 4.6% recorded by the industry.
Image Source: Zacks Investment Research
State Street currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Expansion Moves by Other Banks
HSBC Holdings plc (HSBC - Free Report) has re-launched its Global Private Banking business in India. The lender was exploring options of re-entering the Indian markets for a year, as the country has been experiencing a surge in the number of super-rich.
HSBC exited India’s private banking business in 2015 as part of a group strategy. However, in November 2021, Nuno Matos, CEO of HSBC’s Wealth and Personal Banking division, said that the bank was exploring re-entering onshore private banking in India.
Last month, Citizens Financial Group, Inc. (CFG - Free Report) expanded its private banking business with the addition of approximately 50 new senior private bankers and related support staff in Boston, MA, Florida, New York and San Francisco.
The new team at CFG will provide personal banking, retirement planning, commercial and business banking, investment management and financial planning, and other services to families, high-net-worth individuals, nonprofits and private family foundations through the bank’s Private Banking practice.