Standard Chartered has signed definitive agreements to buy 100% of Zodia Custody. The deal remains subject to regulatory approvals, and the bank has not disclosed the financial terms. Zodia's software business will split off under SC Ventures.
Standard Chartered signed definitive agreements to acquire 100% of Zodia Custody Limited, according to an October 21 announcement. Zodia Custody oversees regulated operating entities across Singapore, Hong Kong, Australia, the United Arab Emirates, and Luxembourg.
The acquisition remains subject to regulatory approvals and customary closing conditions. However, the bank has not disclosed the financial terms or provided a revised completion date.
Custody joins Securities Services, software goes to SC Ventures
Once the deal closes, Zodia's regulated custody operations will become part of Standard Chartered's Securities Services division, where the bank already provides digital asset custody to institutional clients.
Zodia's software and professional services operations will instead move to a separate company called Zodia Solutions. That entity will operate independently under SC Ventures, the bank's venture capital and innovation arm. The bank named Northern Trust, NAB Ventures, SBI Ventures, Emirates NBD, Further Ventures, Investcorp-linked Zodia Investments, and SC Ventures-owned Zodia Holdings among the investors backing Zodia Solutions.
Craig Perrin has been named CEO of Zodia Solutions. Richard Clark, previously Zodia Custody's chief revenue officer, is leading Zodia Custody after former CEO Julian Sawyer departed in September.
Deal missed its earlier targets
Standard Chartered first announced on May 18 that Zodia's shareholders and noteholders had accepted its nonbinding offer. The parties initially expected to finalize definitive agreements by the end of June, with completion targeted before the end of August.
Neither date held. The bank has not explained the delay or said which regulatory approvals remain outstanding.
Standard Chartered widens its crypto offering
The bank has kept expanding elsewhere. On October 8, it announced plans for institutional crypto custody in Singapore, expected by the end of 2026. It also introduced Bitcoin and Ether trading for eligible professional investor clients in the UAE.
Existing Zodia Custody customers will continue receiving services as usual during the transaction.
Source: crypto.news
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