have teamed up to provide services on the Island, the companies announced yesterday.

The agreement, signed yesterday, will give State Street an offshore base while BCB will have access to the US company's technology and infrastructure.

"Through the alliance, BCB will provide a range of State Street products including custody, administrative, accounting and trustee services to captive insurance companies, mutual funds, personal trusts and general corporate accounts,'' the companies stated. The companies announced the launch of global custody services, for which State Street will act as the sub-custodian to BCB.

"We have invested heavily in a fully integrated system which supports global custody in over 80 markets, providing fund accounting and daily pricing around the world,'' State Street senior vice president Gary Enos stated. "This technology advantage allows State Street to leverage its full service capabilities. Our proven technology will continue to allow State Street to effectively support our global clients as they develop new distribution channels for their products and require ongoing support on a local basis.''