S&P Global, a ratings, benchmarks, analytics and data provider, has signed an agreement to acquire the RateWatch business from TheStreet for $33.5m in cash.

Established in 1989, RateWatch operates as a B2B data business that offers subscription and custom reports on loans, fees, bank deposits, and other product data to the financial services industry.

The acquired entity also offers a bank deposit and loan rate database covering almost 100,000 institutions dating back nearly 20 years.

The acquisition of RateWatch, which has more than 4,200 bank and credit union clients, is expected to further bolster S&P Global Market Intelligence’s relationships within this key sector.

Upon completion of the transaction, RateWatch will be merged with S&P Global Market Intelligence, a division of S&P Global.

S&P Global Market Intelligence offers essential intelligence for individuals, companies and governments through financial and industry data, research and news.

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S&P Global Market Intelligence president and S&P Global executive vice president for data and technology innovation Mike Chinn said: “RateWatch’s robust datasets complement and strengthen our core capabilities of providing differentiated data and analytics solutions for the banking sector.

“S&P Global Market Intelligence has a strong record of servicing the community bank market, and we’re excited to expand our products for one of our fastest-growing market segments.”