Citi Grows Nordic Custody Business Through Strategic Referral Arrangement With Nordea
Citi and Nordea have finalized an agreement where Nordea will recommend its existing clients appoint Citi as their new provider of sub-custody services in the region.
Citigroup Inc. (NYSE: C)
Citi and Nordea have finalized an agreement where Nordea will recommend its existing clients appoint Citi as their new provider of sub-custody services in the region. This follows a decision by Nordea to exit the Nordic sub-custody business.
“Citi is pleased to enter into this strategic referral arrangement with Nordea, a move that affirms our commitment to grow and invest in our sub custody network,” said Okan Pekin, Global Head of Securities Services at Citi. “Citi is committed to delivering local expertise to our global clients and also continues to be the partner of choice for many firms seeking access to different markets.”
“The arrangement with Citi supports our strategic objective with increased Nordic focus. Our clients that transition to Citi can be confident that their short and long term needs are catered for in the best possible way,” said Martin Persson, Head of Large Corporates & Institutions at Nordea.
As a result of this agreement, Citi expects to significantly grow its market share in the Nordics and strengthen its position as a leading international custodian in this region.
Matthew Bax, Global Head of Direct Custody and Clearing at Citi added, “We anticipate that many of Nordea’s clients are existing Citi clients in other parts of the world. Citi is well placed to not only meet their needs, but help standardize their businesses across different geographies.”
Clients that migrate will be able to leverage Citi’s unique European Single Legal Vehicle (SLV) platform through Citibank Europe Plc, Dublin Head Office. This platform offers clients unparalleled direct access to all major European markets, including almost all the TARGET2-Securities (“T2S”) markets, via one single access point.
“Citi is committed to the Nordic region and will work closely with Nordea to ensure a seamless transition,” said Ola Mjorud, Nordic Head of Securities Services at Citi. “We look forward to leveraging our European SLV platform to facilitate streamlined access and deliver best-in-class service to clients who transition to us in the coming months.”
With over $28 trillion1 of assets under custody, Citi Direct Custody and Clearing provides clearing and settlement services for trading and investing activities of broker dealers as well as offering local market sub-custody services to banks and global custodians in more than 60 markets around the world.
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About Nordea
Nordea is a leading Nordic universal bank. We are helping our customers realise their dreams and aspirations – and we have done that for 200 years. We want to make a real difference for our customers and the communities where we operate – by being a strong and personal financial partner. The Nordea share is listed on the Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Stockholm exchanges. Read more about us on nordea.com.
About Citi
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
1 As of Q4 2020
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