SEB Merchant Banking and OMHEX today said they had entered into a co-operation agreement regarding custody and clearing for the Finnish market.
Under the agreement, SEB will assume responsibility for the OMHEX custody customers through its Helsinki branch, which are today handled through the Finnish subsidiary HBO, the companies said.
In addition, OMHEX and SEB Merchant Banking have agreed that OMHEX will continue to handle transaction processing for these clients in the Finnish market on behalf of SEB through an outsourcing agreement.
Following the deal, SEB’s assets under custody in Finland will increase by EUR 15 billion, adding 5 percent to SEB’s total assets under custody.
Furthermore, SEB Merchant Banking and OMHEX will carry out a design study for a back-office service for banks and brokerage firms in the Nordic marketplace. The intention of this joint effort is to create an efficient back-office utility that supports the further development of an integrated Nordic market by offering high-quality services through shared infrastructure, increased connectivity and straight-through processing, as well as consolidation of volumes. Such a joint effort would be open for other banks and brokerage firms to join, the companies said.
“OMHEX is a natural partner for us when working towards a more efficient Nordic capital market. Clearing, settlement and custody are extremely important parts of the whole chain for investors and market participants,” said Mikael Bjrknert, head of Securities Services, SEB Merchant Banking.
“SEB has a strong commitment to offering high-quality services to financial institutions and we see this as a natural step in enhancing services to our clients in all Nordic countries,” added Bjorknert.
Added Klas Stahl, President of OM Technology, “We are happy to announce this co-operation with SEB. This agreement further defines and strengthens our position as a provider of efficient transaction processing in the Nordic market.”
The agreement is subject to approval from customers and relevant authorities, the two companies said.