Citi Buys ING’s Custody and Securities Services Business in CEE
Citi Securities and Fund Services has entered into a definitive agreement to acquire ING’s custody and securities services business in seven Central and Eastern European (CEE) markets, currently representing €110bn in assets under custody.
The transaction, subject to regulatory approval and clearances, includes ING’s local custody and securities services businesses in Bulgaria, the Czech Republic, Hungary, Romania, Russia, Slovakia and Ukraine. Once implemented, the addition of Bulgaria will extend Citi’s custody network coverage to over 95 markets and its proprietary custody network will be expanded to 62 markets.
Citi said that the acquisition enables it to offer investors, intermediaries and issuers comprehensive securities services in the region through a strengthened country presence combined with access to Citi’s global banking network. The transaction will also provide clients with further processing efficiencies and enable consistency of service across multiple markets.
Terms of the deal were not disclosed. Subject to standard closing conditions and regulatory approvals, Citi and ING expect the transaction to close in Q114.