Standard Chartered signs definitive deal to acquire Zodia Custody

The signing follows shareholders’ acceptance of Standard Chartered’s non-binding offer in May, with regulatory approvals still pending.Standard Chartered signed definitive agreements to acquire Zodia Custody’s regulated operating entities, subject to regulatory approvals and closing conditions.The signing advances a transaction announced in May, when Zodia’s shareholders accepted the bank’s non-binding offer.As part of the deal, Standard Chartered would acquire 100% of Zodia Custody UK Limited, the parent company of Zodia’s regulated operating entities in Singapore, Hong Kong, Australia, Luxembourg and the United Arab Emirates, the bank said in a Wednesday announcement.The transaction would integrate Zodia’s crypto custody business into Standard Chartered’s existing Securities Services operations. Zodia would also transfer its software and professional-services assets to Zodia Solutions, an independent entity under SC Ventures, which would provide digital asset infrastructure for financial institutions.The UK-based lender reportedly began considering folding Zodia’s crypto custody business into its corporate and investment banking division in April.The acquisition forms part of the...