Citi signs up the Nationwide Building Society 11 July 2013London Reporter: Georgina Lavers
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Citi has been appointed custodian of the Nationwide Building Society's assets held in Euroclear and DTC. These assets, worth around $10 billion, were migrated to Citi on 7 June 2013.
Nationwide Building Society is the world's largest building society and has around 15 million members.
"We are delighted that Nationwide, the world's largest building society, has decided to entrust its Euroclear and DTC assets to Citi. This represents an endorsement of our product range and allows Nationwide to focus on its core business and adds value for their members," said Sanjiv Sahwney, EMEA head of Citi's securities and funds services.
"We already use Citi for cash management processing, issuing and paying services which are critical functions required by the treasury division in the management of Nationwide's assets and liabilities,” said Paul Gould, the head of operations and strategic development for Nationwide’s treasury division.
“We are therefore delighted that we have been able to extend our relationship with Citi's CTS division to also include global custody of a significant proportion of the group's securities holdings. The streamlining of service provision will improve treasury operations efficiency and demonstrates our commitment to ensuring that we source services from the best providers."
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