The company said the banking services would complement the fund administration services it currently offers in Europe.
State Street employs more than 460 employees in Jersey and Guernsey, and has been active in Europe since 1970, according to its Channel Islands website.
In 2009, it announced it was to acquire Mourant International Finance Administration, a Jersey-based provider of fund administration services which specialised in alternative investments, such as private equity, real estate and hedge funds.
The addition of State Street Bank and Trust Company brings to 40 the number of regulated deposit-taking banks in Jersey, according to the Jersey Financial Services Commission’s website.
