Citi is set to grow its Nordic custody business through a strategic referral arrangement With Nordea, a European financial services group operating in northern Europe and based in Helsinki, Finland.
The finalised agreement means 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.
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.
Clients that migrate will be able to leverage Citi’s unique European Single Legal Vehicle (SLV) platform through Citibank Europe, Dublin head office.
This platform offers clients direct access to all major European markets, including almost all the TARGET2-Securities (T2S) markets, via one single access point.
Martin Persson, head of large corporates and institutions at Nordea, comments: “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.”
Matthew Bax, global head of direct custody and clearing at Citi, adds: “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 standardise their businesses across different geographies.”
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