SEB Merchant Banking and OMHEX have reached an agreement by which the Swedish custodian bank will provide custody and clearing services in the Finnish market for local clients of OMHEX.
Under the agreement, the Helsinki branch of SEB will assume responsibility for OMHEX custody customers, which are today serviced via the Finnish subsidiary of the exchange and trading technology group, HBO.
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.
OMHEX is a natural partner for us when working towards a more efficient Nordic capital market,” says Mikael Bjrknert, head of Securities Services, SEB Merchant Banking. “Clearing, settlement and custody are extremely important parts of the whole chain for investors and market participants. 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.”
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 support 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.”
“We are happy to announce this co-operation with SEB,” says Klas Sthl, President of OM Technology. “This agreement further defines and strengthens our position as a provider of efficient transaction processing in the Nordic market. We believe that the combination of our experience in system operation and transaction processing, together with SEB’s expertise, will strengthen the platform from which we will deliver a superior back-office service to the Nordic market.”
The agreement is subject to approval from customers and relevant authorities.