State Street's administration business acquired by Sanne

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FORTY jobs are likely to be saved as a result of a deal for Sanne Group to take over a section of the Jersey operation of US-owned banking group State Street.

Sanne, which is based in Castle Street, has entered into an agreement to acquire the capital markets corporate administration business of State Street Jersey for an undisclosed sum

Pending regulatory approval and other closing conditions, the transaction is expected to complete by the end of April.

State Street say that there will be no compulsory redundancies as a result of the move to sell this part of its Jersey business.

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