Dubai PR Network, Online Press Release from Dubai and Middle East
 
Business, Banking and Investments(Banking & Investments)
Filter PR by
  
Citi to Acquire ING's Custody and Securities Services Business in Central and Eastern Europe with €110 Billion in Assets Under Custody
 

LONDON--(BUSINESS WIRE / ME NewsWire)-- Citi Securities and Fund Services has entered in to a definitive agreement to acquire ING's custody and securities services business in seven Central and Eastern European (“CEE”) markets currently representing €110 billion in assets under custody. ING is a premier provider of custody services in CEE, offering services to many of the world's largest financial institutions.

The transaction, which is subject to regulatory approval and clearances, includes ING's local custody and securities services businesses in Bulgaria, the Czech Republic, Hungary, Romania, Russia, Slovakia and Ukraine. Once implemented, the addition of Bulgaria will extend Citi's custody network coverage to over 95 markets and its proprietary custody network will be expanded to 62 markets.

The acquisition enables Citi to offer investors, intermediaries and issuers comprehensive securities services in the region through a strengthened country presence combined with access to Citi's global banking network. The transaction will also provide clients with further processing efficiencies and enable consistency of service across multiple markets. Terms of the deal were not disclosed. Subject to standard closing conditions and regulatory approvals, Citi and ING expect this transaction to close in the first quarter 2014.

“With this acquisition, Citi has further strengthened its franchise in six important markets and has added Bulgaria to its proprietary network. We are now even better positioned to serve local and global investors, intermediaries and issuers with the best access, insight and expertise in the region,” said SanjivSawhney, EMEA Head of Securities and Fund Services, Citi. “We look forward to delivering the same level of exceptional service that ING has given its clients in the CEE region.”

“ING was one of the first agents to identify the region's rich opportunities, rapidly establishing an office network that provided unparalleled geographic coverage and local expertise,” said NeerajSahai, Head of Securities and Fund Services, Citi. “This acquisition demonstrates our commitment to continually enhance our securities and fund services capabilities and extending our leadership position in emerging markets.”

Through its Securities and Fund Services business, Citi's industry-focused experts provide institutional issuers, intermediaries and investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With $13.5 trillion of assets under custody and the industry's largest proprietary network, clients can leverage Citi's local market expertise and global reach to extract value across the entire investment value chain.
###


Posted by : Dubai PR Network Editorial Team
Viewed 8638 times
PR Category : Banking & Investments
Posted on : Saturday, April 27, 2013  11:40:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Al Khaleej Group & Alfalak hand out long service awards to 1...
Next Story : “Women in Business”
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Holiday Hair-Styling Essentials from VIERRO [12584-Views]
'Tis the Season to Be Glamorous - Beauty Essentials from GlamBeaute.com! [12536-Views]
Luxe Beauty Gifts for your Loved Ones this Festive Season [12426-Views]
Chloé's Iconic “Carlina” Sunglasses In a Precious New Interpretation [12383-Views]
Your Holiday Gift Guide for Her [11913-Views]
Homegrown Jewellery Brand Sumaya Bakkar Collections Curated Festive Gift List [11541-Views]
Uncovering the Beauty of Mechanics' [10431-Views]
New year, New You with Lunette [10425-Views]
Weather-proof your hair with HASK [10102-Views]
Free gold coins at Malabar Gold & Diamonds Festival. [9400-Views]
Eberhard & Co. and the new “Quadrifoglio Verde” chronograph, dedicated to the prestigious... [8991-Views]
The Real Secret to 10 Years Younger: Argan Face Oil [8918-Views]
OMEGA Celebrates The New James Bond Watch in New York [8540-Views]
Retrograde Fusion' [7668-Views]
Mouawad and the Miss Universe Organization Unveil the Miss Universe Power of Unity Crown, ... [7125-Views]
Berkan Steakhouse Launches in Dubai [5813-Views]
Cole Haan Makes Its Debut at Sole Dxb 2019 Showcasing Footwear Collaborations [4703-Views]
Dubai Festival City Mall Visitors In for A Jolly Festive Season Like No Other in Dubai [4630-Views]
Emotional and highly dynamic: the design of the MINI John Cooper Works GP. [4398-Views]
NYU Abu Dhabi Class of 2017 graduate Alioune Fall named as 2021 Schwarzman Scholar [4392-Views]
Dubai Cares' Volunteers bring hope to children in remote village in Senegal [4380-Views]
Best Menswear Items [4142-Views]
Customs World inks MoU with Indonesia to roll out World Logistics Passport [4093-Views]
Statement Cardigans [4026-Views]
DP World joins forces with Dubai Cares in giving a new facelift to Umm Al Qura School in U... [3995-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories