Standard Chartered said on October 21 that it had entered definitive agreements to acquire Zodia Custody. Standard Chartered I H Limited would acquire 100% of Zodia Custody Limited, subject to regulatory approvals and customary closing conditions.
The target is the parent of regulated operating entities in Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg. After completion, its regulated custody business would join the bank's Securities Services operations.
Software and professional services assets would move separately to Zodia Solutions, an independent entity to be established under SC Ventures. Standard Chartered would be among its infrastructure customers.
An earlier May 18 announcement said Zodia Custody's shareholders and noteholders had accepted a nonbinding offer. It described the custodian as backed by SC Ventures, the bank's venture-building and investment business. That release already envisaged custody activities joining the bank and infrastructure assets moving to a separate entity. Those plans provide the starting point for the October statement: the newly announced step is definitive agreements, while completion and the proposed integration remain conditional.
The Block, which received the bank's statement, reported that financial terms were not disclosed. The announcement does not provide a revised closing date or identify which regulatory approvals remain outstanding.
For existing custody clients, the bank said service continues as usual and it expects no disruption from the transaction.
The deal concerns Zodia Custody. It is separate from Standard Chartered's October 14 UAE trading announcement, which named Zodia Markets in a service for eligible professional investors buying or selling bitcoin and ether.