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Citigroup (C) to Boost Custody and Clearing Services in Finland
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Moving ahead with its restructuring moves, banking giant Citigroup (C - Free Report) is gearing up to offer Direct Custody & Clearing (DCC) services in Finland, beginning this August. The bank’s latest move will make Citigroup the only global bank offering a pan-Nordic service and expanding its proprietary DCC network covering the entire Nordic region.
Offering services in more than 60 markets globally, Citi DCC provides clearing and settlement services related to the trading and investing activities of broker dealers in the capital markets. It also offers local market sub-custody services to banks and global custodians.
"We are committed to the Nordic region and during a period of intense change to the capital markets, we are very pleased to offer a pan-Nordic service that gives clients the benefit of harmonised global access with on-the-ground market expertise at market leading cut-off times," said Ola Mjorud, Nordic head of Securities Services at Citi.
The latest move will also make Citigroup a member of Euroclear Finland, the central securities depositary in Finland. Moreover, the bank will be allowed to access the system of Euroclear Finland directly via the Dublin Head Office with the use of Single Legal Vehicle (SLV) platform in Europe. Notably, direct access to key European locations, including the major TARGET2-Securities ("T2S") markets, is being offered through this platform.
"We welcome Citi as a participant in our market and look forward to having a global bank as a direct member," said Hanna Vainio from Euroclear Finland. "Finland is a market that is presently undergoing various important infrastructure changes, such as upcoming entry into T2S. Attracting clients such as Citi to the Finnish capital market helps to reinforce our message of commitment to the industry," Vainio noted further.
Last month, Citigroup also expanded its commercial banking business in the Nordics, covering Sweden, Norway, Denmark and Finland. The move came on the heels of the rising needs of clients amid the coronavirus pandemic and opportunities foreseen in the fast-evolving digital world.
Our Take
Citigroup continues to execute growth strategies, such as bolstering the company’s position in the booming digital industry and expanding its global market presence, thereby aiming to diversify revenue sources. Additionally, prudent expense management and inorganic expansion strategies keep us encouraged.
However, pending litigation issues might flare up the bank’s legal expenses.
The company has gained 7.2% in the past three months compared with 3.6% growth recorded by the industry. The stock carries a Zacks Rank #4 (Sell), at present.
Other banking giants that are also taking restructuring and expansion moves in the current unstable economic environment include JPMorgan (JPM - Free Report) , Morgan Stanley (MS - Free Report) and Goldman Sachs (GS - Free Report) .
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With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
Image: Bigstock
Citigroup (C) to Boost Custody and Clearing Services in Finland
Moving ahead with its restructuring moves, banking giant Citigroup (C - Free Report) is gearing up to offer Direct Custody & Clearing (DCC) services in Finland, beginning this August. The bank’s latest move will make Citigroup the only global bank offering a pan-Nordic service and expanding its proprietary DCC network covering the entire Nordic region.
Offering services in more than 60 markets globally, Citi DCC provides clearing and settlement services related to the trading and investing activities of broker dealers in the capital markets. It also offers local market sub-custody services to banks and global custodians.
"We are committed to the Nordic region and during a period of intense change to the capital markets, we are very pleased to offer a pan-Nordic service that gives clients the benefit of harmonised global access with on-the-ground market expertise at market leading cut-off times," said Ola Mjorud, Nordic head of Securities Services at Citi.
The latest move will also make Citigroup a member of Euroclear Finland, the central securities depositary in Finland. Moreover, the bank will be allowed to access the system of Euroclear Finland directly via the Dublin Head Office with the use of Single Legal Vehicle (SLV) platform in Europe. Notably, direct access to key European locations, including the major TARGET2-Securities ("T2S") markets, is being offered through this platform.
"We welcome Citi as a participant in our market and look forward to having a global bank as a direct member," said Hanna Vainio from Euroclear Finland. "Finland is a market that is presently undergoing various important infrastructure changes, such as upcoming entry into T2S. Attracting clients such as Citi to the Finnish capital market helps to reinforce our message of commitment to the industry," Vainio noted further.
Last month, Citigroup also expanded its commercial banking business in the Nordics, covering Sweden, Norway, Denmark and Finland. The move came on the heels of the rising needs of clients amid the coronavirus pandemic and opportunities foreseen in the fast-evolving digital world.
Our Take
Citigroup continues to execute growth strategies, such as bolstering the company’s position in the booming digital industry and expanding its global market presence, thereby aiming to diversify revenue sources. Additionally, prudent expense management and inorganic expansion strategies keep us encouraged.
However, pending litigation issues might flare up the bank’s legal expenses.
The company has gained 7.2% in the past three months compared with 3.6% growth recorded by the industry. The stock carries a Zacks Rank #4 (Sell), at present.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other banking giants that are also taking restructuring and expansion moves in the current unstable economic environment include JPMorgan (JPM - Free Report) , Morgan Stanley (MS - Free Report) and Goldman Sachs (GS - Free Report) .
Zacks’ Single Best Pick to Double
From thousands of stocks, 5 Zacks experts each picked their favorite to gain +100% or more in months to come. From those 5, Zacks Director of Research, Sheraz Mian hand-picks one to have the most explosive upside of all.
With users in 180 countries and soaring revenues, it’s set to thrive on remote working long after the pandemic ends. No wonder it recently offered a stunning $600 million stock buy-back plan.
The sky’s the limit for this emerging tech giant. And the earlier you get in, the greater your potential gain.
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