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ZEC $1,334 Standard Chartered signs definitive deal to acquire Zodia Custody
The bank has signed final agreements to buy Zodia's regulated custody entities, but regulatory approvals and closing conditions are still pending.
Key takeaways
- Full ownership planned. Standard Chartered would acquire 100% of Zodia Custody UK Limited, the parent of regulated entities in five markets.
- Timeline has slipped. The parties had aimed to sign by June and finish by August, but no new completion date was disclosed.
- No price disclosed. Neither company disclosed a purchase price for the transaction.
What happened
Standard Chartered signed definitive agreements to acquire Zodia Custody's regulated operating entities. The deal remains subject to regulatory approvals and closing conditions.
The signing follows a May transaction in which Zodia's shareholders accepted the bank's non-binding offer. Under the deal, Standard Chartered would acquire 100% of Zodia Custody UK Limited, the parent of Zodia's regulated operating entities in Singapore, Hong Kong, Australia, Luxembourg and the United Arab Emirates.
After closing, Zodia's custody business would sit inside Standard Chartered's Securities Services operations. Zodia's software and professional-services assets would move to Zodia Solutions, an independent entity under SC Ventures that would provide digital asset infrastructure for financial institutions. Craig Perrin will lead Zodia Solutions, while Richard Clark heads Zodia Custody.
Why it matters
The deal would fold a regulated crypto custodian into a large bank's securities business. Standard Chartered said Zodia clients should keep receiving services without interruption, and it expects the combined operation to serve institutions seeking custody across several financial centers.
The acquisition fits the lender's wider crypto expansion. In September, Standard Chartered launched spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates. Zodia also gained a Luxembourg payment institution license in June, allowing it to handle custody and transfers of regulated stablecoins across the European Union.
What is still unclear
- Neither company disclosed a purchase price or a new completion date. The parties had originally aimed to sign final documents by June and finish the transaction by August.
- Regulatory clearance is still outstanding, so the closing date is not fixed.
Questions readers ask
Did Standard Chartered buy Zodia Custody?
Standard Chartered signed definitive agreements to acquire Zodia Custody's regulated operating entities, subject to regulatory approvals and closing conditions. The signing follows a May offer that Zodia shareholders accepted.
How much is Standard Chartered paying for Zodia Custody?
Neither company disclosed a purchase price. No new completion date was given either.
What happens to Zodia's software business?
Zodia's software and professional-services assets would transfer to Zodia Solutions, an independent entity under SC Ventures. Craig Perrin will lead it.
Where does Zodia Custody operate?
Zodia's regulated operating entities are in Singapore, Hong Kong, Australia, Luxembourg and the United Arab Emirates, under parent Zodia Custody UK Limited.
Sources · 5 publishers
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Standard Chartered signs definitive deal to acquire Zodia Custody
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Standard Chartered Signs Zodia Deal, but Approval Awaits -
Standard Chartered to absorb Zodia Custody after signing acquisition deal -
Standard Chartered Signs Binding Deal to Buy All of Crypto Custodian Zodia Custody -
Standard Chartered Takes Full Control of Its Zodia Crypto Custody Arm
