ABN AMRO Sells Custody Business to Citigroup
Citigroup has acquired ABN AMRO’s direct custody, securities clearing, and fund services businesses in selected European and Asian markets. Upon completion, these ABN AMRO businesses will join the Global Transaction Services unit (GTS) in Citigroup’s Global Corporate and Investment Banking Group. The transaction includes ABN AMRO’s domestic custody business in the Netherlands and its network domestic custody business in Russia, Greece, India, Indonesia, South Korea, Poland and Taiwan, servicing approximately 550 financial institution and corporate accounts. The transaction should add in the order of $240 billion of assets under custody to GTS’s $7.3trillion custody portfolio.