09:35 AM EDT, 04/17/2024 (MT Newswires) -- (Updates with State Street response in last paragraph.)

State Street (STT) is exploring the potential acquisition of Societe Generale's custody business, Bloomberg reported Wednesday, citing people with knowledge of the matter.

State Street has been in talks about potentially buying of Societe Generale Securities Services, which the French bank has been looking to sell for more than 1 billion euros ($1.1 billion), Bloomberg reported. There are also other potential buyers interested in the unit, according to the report.

State Street and Societe Generale declined to comment.

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