Citi has been appointed as the global custody solutions provider for Mitsubishi UFJ Investor Services & Banking (Luxembourg) (MIBL), resulting in the transfer of approximately $630 billion of assets onto Citi’s platform.
MIBL utilise Citi’s custody platform to provide instruction capabilities for securities, cash, and foreign exchange transactions, as well as the associated asset servicing to its clients.
Citi’s white label custody solution allows financial institutions to leverage its technology and market access, including 64 proprietary branches, to provide global custody services to their clients.
The new business mandate, whose platform implementation and asset migration are expected to be completed in early 2022, is an important milestone for Citi’s Securities Services business in Luxembourg.
Sanjiv Sawhney, global head of custody and fund services at Citi, said: “The platform and global service model we created for MIBL demonstrates our ability to deliver individualised solutions to our clients.”
Yoshinobu Hirota, CEO of MIBL, commented: “We were attracted to Citi’s unique technology and extensive global footprint. We are confident that Citi is the right partner to help us provide world-class service to our clients and achieve our future growth plans.”
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