Mergers And AcquisitionsSTT has entered into an agreement to acquire Mizuho's global custody and related businesses outside of Japan, supporting the overseas investments of Mizuho’s Japanese clients.
Strategic InitiativesStrategic focus on low-cost ETFs, capturing new flows 2x industry.
ValuationValuation also screens very attractively – after updating our model, comparing valuations across the space, STT was the most heavily discounted bank on 2026 P/E (even cheaper than Citi) and it was clear that STT was no longer a short / deserving of an Underperform rating.