Citi to launch custody and compensation services in Norway

Citi, a major global bank, announced on Friday that it would begin offering direct management and clearing (DCC) to its customers in Norway from mid-November. To do this, Citi is badociated with Verdipapirsentralen ASA (VPS), the central securities depository in Norway.

By adding Norway to its DCC network, Citi now covers more than 60 markets worldwide, including 37 markets in Europe, the Middle East and Africa (EMEA). CDC provides clearing and settlement services for brokers trading and investing activities.

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Citi will have access to VPS through its Dublin headquarters, using its Single Legal Vehicle (SLV) platform in Europe. With a single point of access, SLV offers its customers direct access to key European sites such as the TARGET2-Securities ("T2S") markets.

Commenting on the announcement, Reto Faber, Head of Citi's EMEA direct management and compensation, said: "We are delighted to add Norway to Citi's global custody and clearing network.

"This launch underscores our desire to become a direct participant in the key markets where our customers operate and offer a comprehensive integrated custody offering in Scandinavia, enabling customers to benefit from the consistency and connectivity of Citi's integrated network." . "

Speaking about the partnership, Sveinung Dyrdal, executive vice president of VPS, added, "We welcome Citi as a market participant and look forward to having a global VPS member bank. Norway is an attractive market for foreign investors and the Citi membership confirms the continued attractiveness of VPS and Norwegian capital markets. "

Citi has been operating in the Scandinavian country for more than forty years. Currently, the bank offers a range of services such as investment banking, capital markets and market solutions. According to the statement, the firm hopes that the partnership and DCC in Norway will allow its customers to expand their business.