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State Street, the New York-listed financial conglomerate, is putting finishing touches on plans to take full ownership of State Street HCL Services, the JV it has held with India-headquartered HCLTech.
This consolidation, which is based on arrangements aligned with the existing JV agreement, is expected to be completed in the second calendar quarter of 2024. The change will simplify State Street’s operations, the firm said in a statement.
State Street has partnered with HCLTech for more than a decade.
“This integration is a natural evolution of our successful relationship with HCLTech, which remains a strategic technology partner,” Mostapha Tahiri, executive vice president and incoming State Street chief operating officer, said.