RBI introduces new sub-custody service 24 February 2015Vienna Reporter: Stephanie Palmer
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The Group Securities Services (GSS) at Raiffeisen Bank International (RBI) has introduced a new sub-custody service solution for its international institutional clients in the Central and Eastern Europe regions.
RBI recently restructured its securities services business line across 15 countries in these regions, where is has already had a presence through its intermediaries.
The introduction of a new business model is intended to set RBI apart from its competitors, part of a plan to increase its sub-custody presence in the Central and Eastern Europe (CEE) area.
RBI currently has about €190 billion in client assets under custody.
At the Stock Exchange Review of 2014 gala in Warsaw, Attila Szalay-Berzeviczy, head of group securities services for RBI, said: "There was simply no need for another provider doing the very same thing as the others, approaching clients with the ‘old school’ custody service model, therefore we decided to pioneer a ‘new school’ solution.”
“As a result we have set up a securities services operations centre in Vienna where we implemented a brand new custody system with direct settlement links to the different national CSDs in the CEE region.”
Laszlo Szasz, RBI head of GSS business and IT development, added: "RBI's new GSS Operations Centre represents a revolutionary approach towards custody, clearing and settlement as well as to asset servicing in Central and Eastern Europe. We are the first bank in the region which is able to achieve perfect standardisation of all products and services across so many markets."
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