Launch expands Citi’s proprietary custody network to cover all Nordic countries and to become the only international bank to offer a pan-Nordic service.
HELSINKI & LONDON–(BUSINESS WIRE)–Citi will begin offering Direct Custody & Clearing (DCC) services in Finland, starting in August. This new offering expands Citi’s proprietary DCC network to cover the whole Nordic region, making Citi the only international bank to offer a pan-Nordic service.
Citi DCC plays an integral role in the capital markets by providing clearing and settlement services for the 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.
“We are committed to the Nordic region and during a period of intense change to the capital markets, we are very pleased to offer a pan-Nordic service that gives clients the benefit of harmonised global access with on-the-ground market expertise at market leading cut-off times,” said Ola Mjorud, Nordic Head of Securities Services at Citi.
Citi will become a member of Euroclear Finland, the central securities depositary in Finland and will access their system directly via its Dublin Head Office, facilitating the use of Citi`s Single Legal Vehicle (SLV) platform in Europe. SLV offers clients unparalleled direct access to key European locations, including the major TARGET2-Securities (“T2S”) markets, via one single access point.
“We welcome Citi as a participant in our market and look forward to having a global bank as a direct member,” said Hanna Vainio from Euroclear Finland. “Finland is a market that is presently undergoing various important infrastructure changes, such as upcoming entry into T2S. Attracting clients such as Citi to the Finnish capital market helps to reinforce our message of commitment to the industry.”
“Citi has been present in Finland for over four decades and we are pleased to add DCC to the existing wide range of services we deliver on the ground,” said Karolina Burmeister, Country Head for Citi in Finland. “We look forward to leveraging our global network to facilitate investor access to Finland and generate new growth opportunities for our local and international clients.”
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. Citi has been in the Nordic countries since the 1970s, with offices in Copenhagen, Helsinki, Oslo and Stockholm.
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