Citi and Nordea have finalised an agreement where Nordea will recommend its existing clients appoint Citi as their new provider of sub-custody services in the region. This follows a decision by Nordea to exit the Nordic sub-custody business. As a result of this agreement, Citi expects to significantly grow its market share in the Nordics.
Clients that migrate will be able to leverage Citi’s European Single Legal Vehicle (SLV) platform through Citibank Europe Plc, Dublin Head Office. This platform offers clients direct access to all major European markets, including almost all the T2S markets, through a single access point.