AUSTRIA - State Street has completed its acquisition of the Global Securities Services Austrian business, which the company purchased from Deutsche Bank in January 2003.
State Street anticipates that it will retain 90% of the GSS client revenue.
“The closing of the Austrian business [purchase] augments State Street’s expanded footprint in Europe and we look forward to expanding upon our reach in the years ahead,” said David Spina, chairman and CEO of State Street Corporation.
Full integration of the GSS operation should be completed on schedule by the middle of 2004.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
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