Citi to acquire €110 bln in CEE assets from ING

Competition

Citi Securities and Fund Services has entered in to a definitive agreement to acquire ING’s custody and securities services business in seven Central and Eastern European markets currently representing €110 billion in assets under custody. The transaction, which is subject to regulatory approval and clearances, includes ING’s local custody and securities services businesses in Bulgaria, the Czech Republic, Hungary, Romania, Russia, Slovakia and Ukraine. Once implemented, the addition of Bulgaria will extend Citi’s custody network coverage to over 95 markets and its proprietary custody network will be expanded to 62 markets. Terms of the deal were not disclosed. Subject to standard closing conditions and regulatory approvals, Citi and ING expect this transaction to close in the first quarter 2014.

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