State Street is finalising plans to assume full ownership of its joint venture operations with HCLTech. These arrangements are expected to be completed in the first half of 2024.
Joint Venture operations (JV) Statestreet HCL Services was formed in 2012 to provide business operations services in India. By taking full ownership, State Street is aiming to streamline and simplify its global operations.
State Street claims that by bringing the services under one ownership, it will be able to provide its clients with a simplified model. The company says that this will facilitate faster and more informed decision making.
Mostapha Tahiri, executive vice president and incoming chief operating officer of State Street, says: “This integration is a natural evolution of our successful relationship with HCLTech, which remains a strategic technology partner. By creating additional scale, we remain committed to further advancing our operational model with client needs at the centre.”
Srinivasan Seshadri, chief growth officer and global head financial services at HCLTech, adds: “State Street continues to be one of our strategic and top 15 clients in IT. We are proud of the collaboration over the past eleven years and look forward to our continued partnership across key priority areas of State Street.”
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