By Colin Kellaher

State Street is finalizing plans to assume full ownership of its joint venture with India's HCL Technologies, as the financial-services giant moves to further consolidate its operating model in India.

State Street on Monday said it expects to complete the consolidation of Statestreet HCL Services, which it formed with HCL in 2012 to provide business-operations services, in the second quarter of 2024.

The Boston company said the move is part of its strategy of simplifying its global operating model.

State Street in August unveiled plans to assume full ownership of an India joint venture with Atos Group.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 04, 2023 06:29 ET (11:29 GMT)

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