State Street Corporation, based in Boston, was recently selected to provide custody services to Panama-based multinational bank, Bladex.
The collaboration adds on to a slate of similar initiatives recently launched by State Street in the region, according to a May 10 Business Wire report. These initiatives include a new office in Chile, an integrated fund trading solution and custody offering for Mexico-based clients and a Brazilian bank – Banco Comercial – specializing in foreign exchange trading capabilities and sales operations.
“We are pleased to announce this mandate with Bladex, as we continue to expand our custody capabilities across the region, furthering our goal of supporting leading institutional clients in Latin America,” Marcia Rothschild, State Street head of Latin America, said, according to Business Wire. "We look forward to partnering together to help Bladex generate and sustain growth to meet their investment objectives.”
Bladex was established by central banks from 23 Latin-American and Caribbean countries to further incorporate foreign trade and economic integration in the region, Business Wire reported. The firm’s catalog of comprehensive custody services includes safekeeping and settlements, corporate actions, proxy services network management, cash management and real-time reporting.
“We are confident that establishing this relationship with State Street will provide us with a robust and efficient platform to expand our scale and meet our future growth objectives,” Eduardo Vivone, executive vice president of treasury and capital markets at Bladex, said, according to Business Wire.
With $37.6 trillion in assets under custody and/or administration and $3.6 trillion in assets under management as of March 31, State Street Corporation employs approximately 43,000 people across the globe, Business Wire reported. The company has already established its presence across 100 geographic markets.
State Street is a global leader in providing financial services to institutional investors, according to Business Wire. These services include investment management, investment servicing and investment research and trading.