Citigroup Launches Direct Custody & Clearing Services In Sweden
London, Stockholm, Sydney Global Transaction Services, a business of Citigroup Corporate and Investment Banking, today announced it would provide direct custody and clearing (DCC) services to clients in Sweden, making Citigroup the only global bank offering a full suite of DCC and cash services in the country. Services including clearing and settlement, safekeeping, pre-matching, corporate actions, market expertise & information services, cash management, FX, SWIFT reporting and portfolio valuation capabilities will all be available to clients.
Staffed by fluent Swedish and English speaking personnel familiar with the local market, Citigroup will offer the same high quality standard of DCC service, technology and support in Sweden that Citigroup provides globally. Today's announcement marks Citigroup's fourth new DCC opening since November 2005, with previous openings in Slovakia, Vietnam, and Israel, expanding Citigroup's proprietary DCC network to 48 markets, the largest in the world.
Andrew Gelb, Global Head of Direct Custody and Clearing for Citigroup's Global Transaction Services business said, "We are thrilled to provide local DCC support on-the-ground in Sweden for our clients. The entire Nordic region is expanding rapidly and we believe Citigroup's leading global network, products and services will be of great benefit to our clients and the Swedish market."
Jan Belfrage, Managing Director, Citigroup Country Officer for Sweden said, "Citigroup is celebrating our 20th anniversary in Sweden this year and is committed to our business here. As the largest country in the Nordic region, Sweden was a natural step for us to expand our DCC offering in the region and we look forward to continuing to work to bring more investment into this promising market."
Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing 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, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com
Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients – our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.