Citi to provide global custody solutions to Mitsubishi UFJ Investor Services & Banking (Luxembourg)
Citi has been appointed as the global custody solutions provider for Mitsubishi UFJ Investor Services & Banking (Luxembourg) (MIBL).
The deal will result in the transfer of approximately USD630 billion of assets onto Citi’s platform. As part of the deal, MIBL will white label Citi’s custody platform to provide instruction capabilities for securities, cash, and foreign exchange transactions, as well as the associated asset servicing to its clients.
“The platform and global service model we created for MIBL demonstrates our ability to deliver individualised solutions to our clients,” says Sanjiv Sawhney, Global Head of Custody and Fund Services at Citi.
“We were attracted to Citi’s unique technology and extensive global footprint,” said Yoshinobu Hirota, CEO of MIBL. “We are confident that Citi is the right partner to help us provide world-class service to our clients and achieve our future growth plans.”
Citi’s white label custody solution allows financial institutions to leverage Citi’s technology and unrivalled market access, including 64 proprietary branches, to provide global custody services to their clients. Built on open architecture, it gives institutions access to custody infrastructure, technology, and expertise to create tailored solutions to meet their clients’ needs.
The new business mandate, whose platform implementation and asset migration are expected to be completed in early 2022, is an important milestone for Citi’s Securities Services business in Luxembourg.
“Luxembourg is a strategic market for our business,” adds Pervaiz Panjwani, European Head of Custody and Fund Services at Citi.“This new partnership is a significant expansion of our local footprint and reaffirms our commitment to building a market leading business.”
With over USD21.5 trillion of assets under custody and administration and the industry-leading proprietary network spanning over 60 markets, Citi Securities Services provides clients with in-depth local market expertise, advanced processing technologies and a wide range of custody and fund services that can be tailored to meet clients’ needs.