Stanchart snaps up Barclays' custody business

In a statement, the two British banks say the transfer of the business, which is part of the deal that involves the purchase of all of Barclay's African custody businesses by Stanchart, should be completed some time this year, subject to regulatory approval.

The custody business is a financial service, usually available to institutional investors only, that includes the management and safekeeping of securities and bonds, the collection of dividends, dealing with tax, valuation of investments, foreign exchange, and the settlement of transactions.