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State Street completes GSS buy in Italy

ITALY – State Street has completed its acquisition of Deutsche Bank’s custody arm, Global Securities Services in Italy and expects to close the acquisition of the Austrian GSS business in the third quarter.

Jean-Marc Crepin has been named vice president and manager of the Milan office with responsibility for State Street’s new investment services operations. Crepin has led Deutsche Bank’s GSS operations in Italy since 2001. He will report to Yoram Matalon, managing director of State Street Bank GmbH in Frankfurt.

The Milan-based business has 26 employees and will continue to provide institutional investors in the region with a wide array of investment services, including Depotbank services, custody, and securities lending.

State Street acquired the GSS business from Deutsche Bank for 1.5 billion dollars (1.3 billion euros) in January, and began integrating operations and converting GSS clients in markets outside of Italy and Austria in February. Delays in both countries are a result of regulatory approval.

In April, State Street announced revenue from the Global Securities Services division as set to fall by 124 million dollars (108 million euros) this year as a result of the decline in world stock prices, delays to the closing of the deal in Austria and Italy and "client attrition" that was anticipated.

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