Global Transaction Services, a business of Citigroup Corporate and Investment Banking, is to 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 standard of DCC service, technology and support in Sweden that Citigroup provides globally. This 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 says, “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.”
Clas Rnnlov, Citigroup country officer for Sweden adds, “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.”