Eksportfinans Appoints Citi As Custodian
Norway, London, December 18, 2007 – Citi today announced that Eksportfinans, the Norwegian Export Credit Agency and Municipality financing institution, appointed Citi as its global and US direct custodian for roughly $12 billion of assets.
President and CEO Tor Johansen from Eksportfinans said, “Eksportfinans, a Aaa/AA+/AAA rated institution in Norway, has worked closely with Citi for over 30 years. Our existing local relationship with Citi combined with their strong links to the US markets is important to us. Their ability to develop a competitive, comprehensive custody and liquidity solution quickly enabled us to streamline our operational procedures and improve the reporting and liquidity management process for our securities investment portfolio.”
Malcolm Butler, Head of Investor Services in Europe, Middle East and Africa for Citi's Global Transaction Services business, said, “We are pleased to extend our relationship with Eksportfinans with this landmark transaction. This announcement exemplifies Citi's commitment to working closely with our clients to develop solutions that meet their changing financial needs in over 100 markets where we operate.”
Eksportfinans is the Norwegian Export Credit Agency - the joint institution of the banks and the Norwegian Government - whose purpose is to develop and offer competitive, long-term financial services to the export industries and the Norwegian public sector. Total assets at September 30, 2007 were NOK 200 billion.
Citi, 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. Citi's major brand names include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.