Written by Zoltan Vardai staff writer Edited by Yohan Yun staff editor

The signing follows shareholders’ acceptance of Standard Chartered’s non-binding offer in May, with regulatory approvals still pending.

Standard Chartered signed definitive agreements to acquire Zodia Custody’s regulated operating entities, subject to regulatory approvals and closing conditions.

The signing advances a transaction announced in May , when Zodia’s shareholders accepted the bank’s non-binding offer.

As part of the deal, Standard Chartered would acquire 100% of Zodia Custody UK Limited, the parent company of Zodia’s regulated operating entities in Singapore, Hong Kong, Australia, Luxembourg and the United Arab Emirates, the bank said in a Wednesday announcement .

The transaction would integrate Zodia’s crypto custody business into Standard Chartered’s existing Securities Services operations. Zodia would also transfer its software and professional-services assets to Zodia Solutions, an independent entity under SC Ventures, which would provide digital asset infrastructure for financial institutions.

The UK-based lender reportedly began considering folding Zodia’s crypto custody business into its corporate and investment banking division in April.

The acquisition forms part of the lender’s broader expansion in crypto services. In September, Standard Chartered launched spot Bitcoin and Ether trading for institutional clients in the United Arab Emirates.

Related: Standard Chartered wavers on $100K Bitcoin year-end call, says it may be ‘too low’

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