State Street buys Citibank unit.
BOSTON -- State Street Bank and Trust Co., a unit of State Street Boston Corp., said it acquired the municipal trust unit of Citibank, the principal subsidiary of Citicorp.
The terms were not disclosed.
State Street said the unit provides record-keeping and trustee, transfer agent, paying agent, and tender agent services related to the issuance of municipal securities.
State Street said it expects to retain nearly all of the staff from the Citibank unit's New York location.
Charles J. Kelly, State Street's executive vice president of securities services, said the acquisition will allow the company to broaden the services offered in New York "and to deal with even bigger situations."
State Street has its main municipal trust operation in Boston and other offices in Los Angeles and Hartford, Conn.