State Street says it has been appointed by Banco de Guatemala, the central bank of Guetamala, to provide global custody, accounting, and performance measurement services for $3.3 billion in assets.
“We went through a rigorous selection process to consolidate our global custody services with one single provider,” says Edwin Matul Ruano, general manager of Banco de Guatemala. “State Street’s reputation, knowledge and experience, among other things, were clear differentiators for us in choosing a global provider.”
State Street has seen a surge in new customer mandates in Latin America following its acquisition of Deutsche Bank’s global securities services businesses in 2003.
Earlier this year, State Street was appointed to provide a range of global investment services by Profuturo GNP, Mexico’s largest locally-owned pension fund administrator and the third largest Mexican pension manager overall. “We’re delighted and honored to welcome Banco de Guatemala to our expanding roster of clients in Latin America,” says Lee Jones, senior vice president of State Street Corporation. “This mandate is another testament to the value that we can deliver to our customers throughout this important region.”
Banco de Guatemala is the Central Bank of the Republic of Guatemala and it is an autonomous institution, constituted in 1945, commissioned to execute monetary policy. Its fundamental objective is to contribute to the creation and maintenance of the most favorable conditions for the orderly development of the Guatemalan economy, propitiating the monetary, exchange and credit conditions that promote the stability in the general level of prices.