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BULLETIN: State Street Corp. Negotiating for Parts of Deutsche Bank AG's Securities Business Sep 02
Standard & Poors, Sep 2002
Abstract
State Street Corp. (AA-/Stable/A-1+) has entered into exclusive negotiations to acquire substantial parts of Deutsche Bank AG's (AA-/Stable/A-1+) global securities servicing business. Should State Street complete this transaction, it would become the largest custodian bank in the world. The ultimate impact on Standard & Poor's ratings on State Street will depend on the economics of the transaction, specifically the acquisition price and deal financing, as well as the impact on tangible capitalization. State Street has the ability to use the proceeds from the announced sale of its corporate trust business so that the financing aspect and capital impact should not be burdensome. Additionally, the economics of the transaction will depend on the value of the franchise being acquired and State...
Companies mentioned in this report are: State Street Corp.,Deutsche Bank AG
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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