Oslo and London – Citi will begin offering Direct Custody & Clearing (DCC) services to clients in Norway, starting mid-November. The new offering expands Citi's proprietary DCC network to over 60 markets globally including 37 markets across Europe, the Middle East and Africa (EMEA).
DCC plays an integral role in the capital markets by providing clearing and settlement services for the trading and investing activities of broker dealers as well as offering local market sub-custody services to banks and global custodians around the world.
Reto Faber, EMEA Head of Direct Custody and Clearing at Citi, said, "We are pleased to add Norway to Citi's global direct custody and clearing network. This launch highlights our commitment to become a direct participant in key markets where our clients operate and offer a comprehensive, integrated custody offering across Scandinavia, thereby enabling clients to benefit from the consistency and connectivity of Citi's integrated network."
Citi will partner with Verdipapirsentralen ASA (VPS), the central securities depositary in Norway and will access VPS directly via its Dublin Head Office, facilitating use of Citi`s Single Legal Vehicle (SLV) platform in Europe. SLV offers clients unparalleled direct access to key European locations, including the major TARGET2-Securities ("T2S") markets, via one single access point.
Sveinung Dyrdal, Executive Vice President at VPS, said, "We welcome Citi as a market participant and look forward to having a global bank as a direct member of VPS. Norway is an interesting market to foreign investors and Citi's membership confirms the continued attractiveness of VPS and the Norwegian capital markets."
Pal Rokke, Citi Country Officer for Norway, said, "As we celebrate the 45th anniversary of Citi's presence in Norway, we are pleased to add DCC to the existing wide range of services we deliver on the ground across the full spectrum of investment banking, capital markets and markets solutions. We look forward to leveraging our extensive network to facilitate investor access to Norway and generate new growth opportunities for our local and international clients."
Citi, the leading global bank, 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.
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