Iberclear Selects Citi to Provide Global Custody Services

BME’s Spanish CSD launches new client solution and enters a new phase of strategic development following the successful migration to T2S

Iberclear, BME’s Spanish Central Services Depository (CSD), today signed a memorandum of understanding with Citi’s Direct Custody and Clearing business to provide global custody services to its clients. The agreement was signed at the securities and financial industry conference SIBOS.

Through the partnership, Spanish financial institutions will be able to settle international securities via a local CSD. Iberclear will act as a single point of access to T2S [TARGET2-Securities] and international markets by providing settlement and asset servicing solutions as well as safekeeping of assets leveraging Citi’s local custody network and on the ground expertise.

“We are thrilled to launch this new solution which unlocks opportunities for our clients and the Spanish investment community more broadly. Citi’s extensive proprietary custody network has been selected to service the growing demand of our clients efficiently and consistently across geographies. Iberclear enters a new strategic path after its successful migration to T2S with the launching of new services for its clients”, said Jesús Benito, Iberclear’s CEO

“This is an exciting milestone for Iberclear and its clients. We are pleased to support innovative solutions provided by key local market infrastructures and look forward to leveraging the breadth of Citi’s direct custody platform to realize efficiency gains for all local market participants”, said Reto Faber, EMEA Head of Direct Custody and Clearing at Citi.

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About Iberclear

Iberclear is a European supplier of post-trading infrastructure services. The BME subsidiary has led the profound Reform of the post-trade system, which has taken place in two phases and has just been finalized with the successful migration to the T2S platform. As the Spanish Central Securities Depositary, Iberclear also provides the post-trade infrastructure for the securities industry, offering access to a growing number of international markets.

About Citi:

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

View source version on businesswire.com: http://www.businesswire.com/news/home/20171017006411/en/

IberclearOscar Moya(34) 91 589 [e-mail] [e-mail] Boncenne+44 (20) 7508 [e-mail]