Nationwide Chooses Citi for Custody for over £10bn of Assets
LONDON -- July 11, 2013
Citi has been appointed custodian of the Nationwide Building Society's assets
held in Euroclear and DTC. These assets, worth over £10bn, were migrated to
Citi on June 7 2013. Nationwide Building Society is the world’s largest
building society and has around 15 million members.
Citi is providing custody services through its Securities and Fund Services
London global window. Citi's combination of custody and existing cash
management services provided to the Nationwide Building Society will help both
reduce costs and streamline operations for Nationwide and will enhance the
deep connection which already exists between the two institutions.
"We are delighted that Nationwide, the world’s largest building society, has
decided to entrust its Euroclear and DTC assets to Citi. This represents an
endorsement of our product range and allows Nationwide to focus on its core
business and adds value for their members," said Sanjiv Sahwney, EMEA head of
Securities and Funds Services.
Citi's global custody services provide a one-stop service for transaction
settlement, safekeeping, administration, and reporting of global investments
through a single access point and a consistent product offering.
"We already use Citi for cash management processing, issuing and paying
services which are critical functions required by the Treasury Division in the
management of Nationwide’s assets and liabilities. We are therefore delighted
that we have been able to extend our relationship with Citi's CTS division to
also include global custody of a significant proportion of the Group’s
Securities holdings. The streamlining of service provision will improve
Treasury Operations efficiency and demonstrates our commitment to ensuring
that we source services from the best providers," said Paul Gould, Head of
Operations and Strategic Development, Nationwide Treasury Division.
Citi OpenInvestor is the investment services solution for today’s diversified
investor that combines specialized expertise, comprehensive capabilities and
the power of Citi’s global network to help clients meet performance objectives
across asset classes, strategies and geographies. With $13.5 trillion in
assets under custody and administration, Citi OpenInvestor provides
institutional, alternative and wealth managers with middle office, fund
services, custody, and investing and financing solutions that are focused on
their specific challenges and customized to their individual needs. For more
information, visit openinvestor.transactionservices.citi.com
Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
London: Simon Boughey
+44 207 508 3864
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