Citigroup to Acquire ABN AMRO's Direct Custody, Securities Clearing, and Fund Services Business in Eight Markets.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Acquisition Expands Citigroup's Position As A Leading Global Transaction Services Player Citigroup (NYSE NYSE See: New York Stock Exchange :C) today announced that it is acquiring ABN ABN Advance beneficiary notice, see there AMRO's direct custody, securities clearing, and fund services businesses in selected European and Asian markets. Upon completion, these ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) businesses will join the Global Transaction Services unit (GTS GTS abbr. gas turbine ship ) in Citigroup's Global Corporate and Investment Banking Group. The transaction is expected to broaden the product capabilities and client growth opportunities for GTS, one of Citigroup's publicly reported business units. The transaction includes ABN AMRO's domestic custody business in the Netherlands and its network domestic custody business in Russia, Greece, India, Indonesia, South Korea, Poland and Taiwan, servicing approximately 550 financial institution and corporate accounts. The transaction should add in the order of $240 billion of assets under custody to GTS's $7.3 trillion custody portfolio. While the terms of the transaction were not disclosed, the transaction is expected to be accretive to earnings in the first year. The transaction is expected to close within the next 90 days subject to customary regulatory approvals in applicable markets. "This acquisition will enable us to extend Global Transaction Services' solution set and servicing capabilities in key markets to meet the needs of our client base," said Robert Druskin, Chief Executive Officer of Citigroup's Global Corporate and Investment Banking Group. "This acquisition also underscores Citigroup's commitment to offer enhanced cash management, trade, fund and securities services capabilities to clients around the world, and reinforces the firm's willingness to invest for growth in this key sector of the market." Frank J. Bisignano, Chief Executive of Citigroup's Global Transaction Services business said, "This transaction will significantly strengthen Citigroup's market position in the Netherlands, and enhance our client delivery model across Europe and Asia with local servicing capabilities and expertise. We look forward to augmenting the expertise within our own institution with the talent and experience of the ABN AMRO team as we continue to leverage on behalf of our clients an integrated global platform and embedded Inserted into. See embedded system. local market service." It is expected that, over time, Citigroup will combine ABN AMRO's domestic custody operations with its current Global Transaction Services operations in each of the respective markets and that ABN AMRO operational and servicing staff and management will become members of the Citigroup organization. About Citigroup Citigroup (NYSE:C), the preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Banamex, and Travelers Life and Annuity. Additional information may be found at: www.citigroup.com. About Citigroup Global Transaction Services Citigroup(R) Global Transaction Services is a leading provider of integrated cash management, trade, fund and securities services for corporations, financial institutions, intermediaries and governments around the world. With over $ 121 billion in average liability balances, more than $7.3 trillion in assets under custody and the largest proprietary branch network, Citigroup's award-winning operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. and Internet-based delivery channels enable clients to manage and monitor working capital and investments more efficiently, streamline transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. cycles, and re-engineer receivables and payment processes. Citigroup(R) Global Transaction Services provides clients with access to Citigroup's full range of capabilities and solutions along with an on-the-ground presence and in-depth knowledge of more than 90 local markets. For additional information, see www.transactionservices.citigroup.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion