State Street Bank and Trust Company (SSBT), commonly known as State Street Global Services, is a subsidiary of State Street Corporation organized as a trust company based in Massachusetts. The company is the largest custodian bank in the world and specializes in providing institutional investors, such as mutual funds, with clearing, settlement and payment services.
History
SSBT used to provide retail banking and commercial lending products until it sold off the division in 1999 to Citizens Financial Group, of Providence, Rhode Island. The retail banking and commercial lending units were sold for $350 million.
Operations
SSBT is the largest custodian bank in the world with of assets under custody and administration . The company provides securities services such as clearing, settlement and payment services to entities such as institutional investors.
Historical data
State Street Bank and Trust Company was the tenth largest bank at the end of 2008 as an individual bank (not including subsidiaries).
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Image:Statestreet_al.jpg|Asset & liability
Image:Statestreet_al_ratio.jpg|Asset/Liability ratio
Image:Statestreet_income.jpg|Net income
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See also
- State Street Bank v. Signature Financial Group (1998 U.S. patent law decision)