Standard Chartered signs agreement to acquire Zodia Custody

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Standard Chartered has signed definitive agreements to acquire digital asset custodian Zodia Custody, five months after the bank’s non-binding offer was accepted by the company’s shareholders and noteholders.

Under the agreement, Standard Chartered I H Limited will acquire 100% of Zodia Custody Limited, which owns regulated operating entities in Singapore, Hong Kong, Australia, the United Arab Emirates and Luxembourg. The deal remains subject to regulatory approvals and customary closing conditions. The financial terms were not disclosed.

After completion, Standard Chartered’s Securities Services division will absorb Zodia’s custody business. Its software and professional services operations will become a separate business under SC Ventures, called Zodia Solutions. Standard Chartered will be among its customers, alongside investors including Northern Trust, NAB Ventures, SBI Ventures and Emirates NBD Bank.

The bank’s non-binding offer was accepted in May, with definitive agreements initially expected by the end of June and the acquisition targeted for completion by the end of August. Zodia Custody CEO Julian Sawyer stepped down in September and was replaced by former Chief Revenue Officer Richard Clark.