Citigroup Global Transaction Services is to provide direct custody and clearing (DCC) services to clients in Sweden. Services including clearing and settlement, safekeeping, pre-matching, corporate actions, market expertise and information services, cash management, FX, SWIFT reporting and portfolio valuation capabilities will all be available to clients. The opening is Citigroup’s fourth new DCC opening since November 2005, with previous openings in Slovakia, Vietnam, and Israel. Citigroup’s proprietary DCC network now extends to 48 markets, making it the largest in the world.
“We are thrilled to provide local DCC support on-the-ground in Sweden for our clients,” says Andrew Gelb, Global Head of Direct Custody and Clearing for Citigroup’s Global Transaction Services. “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 Ronnlov, Citigroup Country Officer for Sweden, says he thinks the office will attract more activity from outside Sweden.