Iberclear Selects Citi to Provide Global Custody Services
October 17 2017 - 11:50AM
Business Wire
BME’s Spanish CSD launches new client solution
and enters a new phase of strategic development following the
successful migration to T2S
Iberclear, BME’s Spanish Central Services Depository (CSD),
today signed a memorandum of understanding with Citi’s Direct
Custody and Clearing business to provide global custody services to
its clients. The agreement was signed at the securities and
financial industry conference SIBOS.
Through the partnership, Spanish financial institutions will be
able to settle international securities via a local CSD. Iberclear
will act as a single point of access to T2S [TARGET2-Securities]
and international markets by providing settlement and asset
servicing solutions as well as safekeeping of assets leveraging
Citi’s local custody network and on the ground expertise.
“We are thrilled to launch this new solution which unlocks
opportunities for our clients and the Spanish investment community
more broadly. Citi’s extensive proprietary custody network has been
selected to service the growing demand of our clients efficiently
and consistently across geographies. Iberclear enters a new
strategic path after its successful migration to T2S with the
launching of new services for its clients”, said Jesús Benito,
Iberclear’s CEO
“This is an exciting milestone for Iberclear and its clients. We
are pleased to support innovative solutions provided by key local
market infrastructures and look forward to leveraging the breadth
of Citi’s direct custody platform to realize efficiency gains for
all local market participants”, said Reto Faber, EMEA Head of
Direct Custody and Clearing at Citi.
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About Iberclear
Iberclear is a European supplier of post-trading infrastructure
services. The BME subsidiary has led the profound Reform of the
post-trade system, which has taken place in two phases and has
just been finalized with the successful migration to the T2S
platform. As the Spanish Central Securities Depositary, Iberclear
also provides the post-trade infrastructure for the securities
industry, offering access to a growing number of international
markets.
About Citi:
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.
Additional information may be found at www.citigroup.com |
Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://blog.citigroup.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
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IberclearOscar Moya(34) 91 589
1286omoya@grupobme.esorCitiJulio
Carlavilla+34915384260julio.carlavilla@citi.comorCapucine
Boncenne+44 (20) 7508 9355capucine.boncenne@citi.com
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