As Nordea is shutting its Nordic sub-custody activities, a new agreement will see the bank refer its clients to Citi instead. As a result, Citi now “expects to significantly grow its market share in the Nordics”.

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The strategic referral arrangement was announced by Citi Wednesday.

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“We anticipate that many of Nordea’s clients are existing Citi clients in other parts of the world. Citi is well placed to not only meet their needs, but help standardize their businesses across different geographies,” says Matthew Bax, Citi’s global head of direct custody and clearing at Citi.  

The bank emphasizes the role of its Dublin-based “European Single Legal Vehicle” platform, which lets clients connect directly to “all major European markets, including almost all the TARGET2-Securities (‘T2S’) markets”.