Custody bank Citi has sought to capitalise on Nordea’s decision to exit the Nordic sub-custody market by striking a deal on referrals.
The agreement means Nordea will advise its existing clients to appoint Citi as its new sub-custodian in the region.
Migrating clients will gain access to Citi’s European Single Legal Vehicle platform via the custodian’s Dublin office.
According to Citi, the use of the platform will provide “streamlined access” to a majority of European markets via a single platform.
“We anticipate that many of Nordea’s clients are existing Citi clients in other parts of the world,” said Matthew Bax, global head of direct custody and clearing at Citi. “Citi is well placed to not only meet their needs, but help standardise their businesses across different geographies.”
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