State Street Acquires Mizuho’s Custody Business

State Street and Mizuho Financial have entered into an agreement for State Street to acquire Mizuho’s global custody and related businesses outside of Japan.

Mizuho currently operates its global custody and related business outside of Japan through local subsidiaries, which represent combined assets under custody of approximately $580 billion and $24 billion in assets under administration.

Mizuho will now focus on continuing to providing Japanese clients with trust and custody services for their domestic assets and will collaborate with State Street for global custody and related services.

“Japan, Luxembourg and the United States are all important markets to State Street. This transaction demonstrates our strong commitment to further accelerating our growth in these markets,” says Stefan Gmür, head of Asia Pacific and head of strategic business growth at State Street. “Mizuho’s decision to entrust State Street with their valued clients affirms their confidence in our client service, capabilities and commitment to product innovation and technology investment.”

Tsutomu Yamamoto, head of the global transaction banking unit at Mizuho, adds, “In today’s increasingly complex investment landscape, clients require global custody providers with significant scale and expertise. After careful consideration, we have decided to transfer our global custody business to State Street. This strategic move will ensure our clients benefit from State Street’s global platform and deep expertise.”

The transaction is expected to be completed by Q4 2025, subject to the regulatory approvals and other closing conditions.

“Having deep familiarity with the requirements and expectations of Japanese institutional investors, we look forward to meeting their needs not only in global custody but also data management, risk and performance analytics, currency management and securities finance,” says Hiroshi Kobayashi, head of Japan at State Street. “We expect to provide a seamless transition for Mizuho’s clients. As the acquired business integrates into our global operating model, we expect the added scale will allow us to further expand our technology and service capabilities, which will enhance the service experience for our existing and new clients in Japan.”