Citigroup has acquired ABN AMRO’s direct custody, securities clearing, and fund services businesses in selected European and Asian markets. Upon completion, these ABN AMRO businesses will join the Global Transaction Services unit (GTS) in Citigroup’s Global Corporate and Investment Banking Group. 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 $7.3trillion custody portfolio.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.