Citi announces today that its Global Transaction Services business has been awarded a new mandate from Erste Group Bank AG.
The Vienna-based banking group has joined the CitiConnect for Securities platform. Erste will be added as a third party broker, and will be able to accept electronic orders for Central and Eastern European markets. CitiConnect for Securities is a global platform providing full trade life cycles services for equities, collective investment schemes and investment funds, including hedge funds. This venture will allow Citi clients the ability to route orders through CitiConnect for Securities to Erste, providing execution access to Central and Eastern European Markets.
This is the second time in a year that Citi and Erste have joined forces. In September 2008, Erste selected Citi Execution to Custody, to provide a single integrated electronic execution and custody solution.
Kurt Gerhold, Head of Equity Retail Sales, Erste Group Bank said: For the past year we have enjoyed a valuable association with Citi as our provider of a single integrated electronic execution and custody solution. This new opportunity will enable us to provided extended market execution coverage for equities to Citis clients.
Andrew Gelb, Head of Securities and Fund Services for Europe, the Middle East and Africa, Citi, said: We are delighted by this further alliance with Erste Group Bank, and their broad footprint in Central and Eastern Europe. CitiConnect for Securities provides and exceptional operational offering by combining execution in equities and collective investment schemes with out custody services through an order driven trade to settlement services.