European Stability Mechanism selects Citi 28 February 2013Luxembourg Reporter: Mark Dugdale
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The European Stability Mechanism (ESM) has chosen Citi to provide transaction services for its investment mandate that could reach €80 billion in assets.
The ESM is a permanent crisis resolution mechanism for countries in the eurozone.
Its mandate is to finance loans and other forms of financial assistance to the 17 EU member states that use the euro currency. It oversees capital of €700 billion, including paid-in capital of €80 billion, and has an effective lending capacity of €500 billion.
In a statement, Dirk Jones, global head of securities funds services client sales management at Citi, said: “One of ESM’s most important requirements was time to market with an optimal operating model. A number of Citi divisions collaborated to develop and launch this mandate. Citi was able to quickly design and implement a solution with the breadth and depth necessary to meet all of the ESM’s needs under very demanding deadlines.”
“Citi is proud to support ESM as a key institution that aims to enable ongoing financial stability in Europe,” added Freddy Boom, head of the public sector group for Europe, the Middle East and Africa at Citi.
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