DnB NOR Group Appoints Citi as Its Global Partner for Securities and Fund Services
London, Oslo - July 12, 2011 – Citigroup, through its Global Transaction Services unit, has been appointed to provide a comprehensive suite of investor services to DnB NOR, the largest Norwegian universal bank. This mandate encompasses global custody, agency securities lending, and fund services as well as white labelled web-based consolidated securities reporting.
Jan B. Penne, Head of DnB NOR’s Securities Services said: "We are pleased to appoint Citi as our global custodian and securities and fund services provider. We look forward to working closely with Citi to further enhance our product offering and geographical reach."
Andrew Gelb, Head of Securities and Funds Services for Europe, Middle East and Africa at Citi, said, "We are extremely pleased that DnB NOR has appointed Citi to provide a comprehensive securities and funds services solution. DnB NOR is a leading player in its home market and one of the region’s most important banks. By leveraging our global network and unique product capabilities and technology, we’re confident that Citi's solutions for DnB NOR will facilitate growth while contributing to improved efficiency."
Citi, a leading global financial services company, 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.
About Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the first quarter of 2011, it held on average $355 billion in liability balances and over $13 trillion in assets under custody.
Through its Securities and Fund Services business, Citi’s industry-focused experts provide investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With over $13 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.
About DnB NOR Group
DnB NOR is Norway’s largest financial services group with total combined assets of NOK 2 076 billion. The Group consists of strong brands such as DnB NOR, DnB NORD, Vital, Nordlandsbanken, Cresco, Postbanken, DnB NORD and Carlson. The Group have offices in 19 countries. The Group have more than 2.3 million retail customers and 200.000 corporate customers. The Group have Norway’s largest life and pension insurance company, Norway’s largest asset management operation and Norway's largest investment banking operation.