While yesterday’s post was about Advanced Markets cooperating with Deutsche Bank on a similar service, this one is on whole new level – Saxo Bank is much much bigger than Advanced Markets so I imagine there’s going to be quite a lot of business here. Taking into account that CitiFX is Saxo Bank’s white label this only makes much more sense that both organizations cooperate and who knows perhaps this may be another step in Citi acquiring Saxo?
LONDON, COPENHAGEN – Citi Global Transaction Services has been awarded a new mandate by the online trading and investment specialist Saxo Bank Group to provide global custody services for cash equities and fixed income instruments traded globally by its clients, which will include the provision of settlement, safekeeping and assets servicing. Danish-based Saxo Bank Group will also have access to Citi’s full suite of Securities Services and Cash Management capabilities.
Tom Isaac, Head of Banks, Intermediaries and Broker Dealers Client Sales Management, Citi, said, ‘Citi is extremely pleased to be providing global custody services to Saxo Bank, a highly successful, fast growing internet based broker dealer specialized in trading multiple asset classes for retail, high net worth individuals and partner banks. Our custody services offer exceptional execution, global consistency and local market expertise in 92 markets. This win highlights our continued commitment to provide clients with innovative, steadfast and state of the art solutions and creates an opportunity to foster a long-term strategic partnership with Saxo Bank”.
Claus Nielsen, Head of Markets, Saxo Bank, said: ‘We already have a close collaboration with Citi and look forward to expanding it even further. We need a strong partner like Citi as we move ahead with strengthening our global footprint and widening the scope of our product offerings. Citi can help us with our growth objectives by offering innovative and effective solutions in accordance with our requirements. For Saxo Bank, this is a unique opportunity to expand our global custody services for the benefit of our existing and new clients.’
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Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, 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 or www.citi.com.
About Global Transaction Services
Global Transaction Services, a division of Citi’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citi’s Global Transaction Services supports over 65,000 clients. As of the fourth quarter of 2010, it held on average $353 billion in liability balances and $12.6 trillion in assets under custody.
Through its proprietary network in 59 markets, Citi’s Securities and Fund Services business provides the clearing and settlement services required by broker dealers, global custodians and industry infrastructures, to support trading and investing activities around the world. Clients can leverage Citi’s local market expertise and global reach to extract value across the entire investment value chain.
About Saxo Bank
Saxo Bank is an online trading and investment specialist, enabling clients to trade Forex, CFDs, Stocks, Futures, Options and other derivatives, as well as providing portfolio management via SaxoWebTrader and SaxoTrader, the leading online trading platforms. SaxoTrader is available directly through Saxo Bank or through one of the Bank’s institutional clients. White label is a significant business area for Saxo Bank, and involves customised and branding the Bank’s online trading platform for other financial institutions and brokers. Saxo Bank has more than 100 white label clients and boasts thousands of retail clients in over 180 countries. Saxo Bank is headquartered in Copenhagen with offices in Australia, China, the Czech Republic, France, Greece, Italy, Japan, the Netherlands, Singapore, Spain, Switzerland, UK, and the United Arab Emirates.