State Street Corporation (NYSE:STT) and HCLTech announced today they are finalizing plans for State Street to assume full ownership of the Joint Venture operations (JV) Statestreet HCL Services, formed in 2012 to provide business operations services.

This consolidation, which is based on the arrangements aligned with the existing JV agreement and expected to be completed in the second calendar quarter of 2024, will further streamline State Street’s operating model in India and continue State Street’s ongoing transformation and productivity plan and strategy of simplifying its global operating model.

State Street has partnered with HCLTech for more than a decade, and this collaboration has grown into a valuable servicing and operational center for the firm and its clients. State Street has a longstanding presence in India, and in October 2023 it acquired full ownership of a separate joint venture with another partner. Bringing the State Street HCL Services capabilities and expertise in-house will create a more simplified model to facilitate faster decision making and a more effective and efficient experience for its clients.

“This integration is a natural evolution of our successful relationship with HCLTech, which remains a strategic technology partner,” said Mostapha Tahiri, executive vice president and incoming Chief Operating Officer of State Street Corporation. “By creating additional scale, we remain committed to further advancing our operational model with client needs at the center.”

“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,” said Srinivasan Seshadri, chief growth officer and global head, Financial Services, HCLTech.

State Street conducts operations through a global operating model with multiple locations across the Americas, Europe, and Asia. The company delivers high-quality investment services, expertise and full-service coverage with complementary and overlapping operational hours globally.