In a strategically important mandate for its Luxembourg business, Citi has been appointed as the global custody solutions provider for Mitsubishi UFJ Investor Services & Banking (Luxembourg) (MIBL). The deal will result in the transfer of approximately USD630bn of assets to Citi’s platform. As part of the deal, MIBL will white label Citi’s custody platform to provide instruction capabilities for securities, cash, and foreign exchange transactions, as well as the associated asset servicing for its clients. Platform implementation and asset migration are expected to be completed in early 2022. Brown Brothers Harriman has had a white-label relationship with MIBL since 2007.
Yoshinobu Hirota, CEO of MIB, said: “We were attracted to Citi’s unique technology and extensive global footprint. We are confident that Citi is the right partner to help us provide world-class service to our clients and achieve our future growth plans.”