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.
The retail banking and commercial lending units were sold for $350 million.
[1] SSBT is the largest custodian bank in the world[2][3] with US$36.74 trillion of assets under custody and administration as of the end of 2022[update].
[4] Other services provided include custody, accounting, financial reporting, investor services, analytics, transaction management, recordkeeping, brokerage, and loans financing.
[4] The State Street Global Advisors Trust Company serves as an trustee for SSGA's US unregistered collective and common trust funds, some SSGA sponsored ETFs including the SPDR S&P 500 ETF Trust, and separately managed accounts.