Clearstream is making up to 45 percent cuts to its custody fees for the Croatian market, effective from 1 July 2013.
Marking Croatia’s accession to the EU with this fee reduction, Clearstream aims to further help attract global investors to the Croatian capital markets.
The firm has serviced the Croatian market since 2005, across asset classes as part of its settlement and custody network in Europe.
It is able to offer custody fee reductions for its Free of Payment (FOP) custody service by working together with Erste Group Bank AG as custodian and local bank agent Erste and Steiermärkische Bank D.D. who help manage and operate its overall setup and indirect link to the Croatian central securities depository, Središnje klirinško depozitarno društvo d.d (SKDD).
Eligible security types for the Croatian market via Clearstream continue to include equities, government, municipal and corporate bonds and commercial papers.
Philip Brown, head of client relations for Europe and the Americas and member of the executive board at Clearstream, said: “Croatia’s accession to the EU will be a positive step in further political, economic and social integration in the EU—and is also a great sign of the Western Balkan region opening up its capital markets."
"By cutting our custody fees for the Croatian market, we aim to help attract global investors to Croatia and the Western Balkan region more widely. Looking ahead, we will continue to listen to our customers and develop our settlement and custody services to facilitate the evolution of capital markets.”
Croatia is currently gearing up to join the European Union next month, after applying to join in 2003.
