Citi Launches Direct Custody and Clearing Services in Norway
November 16 2018 - 9:02AM
Business Wire
Launch consolidates Citi’s leadership with the
industry’s largest proprietary custody network in the region and
globally
Opening highlights commitment to the Nordics as
Citi celebrates its 45th Anniversary in Norway
Citi (NYSE: C) will begin offering Direct Custody & Clearing
(DCC) services to clients in Norway, starting mid-November. The new
offering expands Citi’s proprietary DCC network to over 60 markets
globally including 37 markets across Europe, the Middle East and
Africa (EMEA).
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 around the
world.
Reto Faber, EMEA Head of Direct Custody and Clearing at
Citi, said: “We are pleased to add Norway to Citi’s global
direct custody and clearing network. This launch highlights our
commitment to become a direct participant in key markets where our
clients operate and offer a comprehensive, integrated custody
offering across Scandinavia, thereby enabling clients to benefit
from the consistency and connectivity of Citi’s integrated
network.”
Citi will partner with Verdipapirsentralen ASA (VPS), the
central securities depositary in Norway and will access VPS
directly via its Dublin Head Office, facilitating 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.
Sveinung Dyrdal, Executive Vice President at VPS, said:
“We welcome Citi as a market participant and look forward to having
a global bank as a direct member of VPS. Norway is an interesting
market to foreign investors and Citi’s membership confirms the
continued attractiveness of VPS and the Norwegian capital
markets”.
Pal Rokke, Citi Country Officer for Norway, said: “As we
celebrate the 45th anniversary of Citi’s presence in Norway, we are
pleased to add DCC to the existing wide range of services we
deliver on the ground across the full spectrum of investment
banking, capital markets and markets solutions. We look forward to
leveraging our extensive network to facilitate investor access to
Norway and generate new growth opportunities for our local and
international clients.”
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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
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version on businesswire.com: https://www.businesswire.com/news/home/20181116005263/en/
Anneli Sundstr�m +46 70 250 35 91
anneli.sundstrom@citi.comCapucine Boncenne +44 207 508
9355 capucine.boncenne@citi.com
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