Custodian bank State Street Corp said on Wednesday it had agreed to terminate its $3.5 billion deal to buy the investor services business of Brown Brothers Harriman & Co (BBH) due to a challenging regulatory review.
The ticker and logo for State Street Corporation is displayed on a screen at the post where it's traded on the floor of the New York Stock Exchange in New York City, U.S., June 30, 2016. REUTERS/Brendan McDermid/File Photo/File Photosaid on Wednesday it had agreed to terminate its $3.5 billion deal to buy the investor services business of Brown Brothers Harriman & Co due to a challenging regulatory review.
After considering feedback from regulators, the potential changes to the deal would lead to further delays and not result in the benefits originally expected, the company said. "The decision ... is in no way a reflection of the quality of the BBH franchise," said State Street Chairman Ron O'Hanley., included investment bank BBH's custody, accounting, fund administration, global markets and technology services operations and was expected to be closed by the end of last year.Shares of State Street rose nearly 2% before the bell.
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