Citi Announces Brexit Preparedness
FRANKFURT, Germany & DUBLIN--(BUSINESS WIRE)--Mar 19, 2019--In keeping with its commitment to provide seamless service to clients, regardless of the Brexit outcome, Citi is now offering its product and service suite from entities fully within the European Economic Area (EEA).
“Since well before the Brexit vote in 2016, all our businesses have been focussed on making sure we can continue to serve our clients in the UK and EEA, irrespective of the political outcome,” said David Livingstone, Citi’s CEO for Europe, Middle East and Africa.
For EEA clients and counterparties unable to conduct business through Citi’s UK entities post Brexit, Citi’s products and services are now additionally available through Citibank Europe plc and Citigroup Global Markets Europe AG.
Citigroup Global Markets Europe AG, Citi’s new investment firm in Frankfurt, has begun actively trading on the most significant exchanges in the EEA, has commenced primary capital market issuance activities, and is on-boarding and executing for clients across the bank’s entire Markets & Securities Services product spectrum. It has also begun clearing trades via Eurex Clearing.
Citibank Europe plc, Citi’s Ireland-based bank, is the result of the 2016 consolidation of Citi’s bank branches in 22 countries in the EEA. It has been operating in its present form for three years, encompassing a wide variety of businesses, including loan underwriting, syndication and trading, foreign exchange, credit and interest rate derivatives, transaction banking and cash management, and a full range of agency and trustee services.
The new EEA capabilities complement Citi’s long-established, comprehensive offering throughout Europe. Citi has on-the-ground presences in 20 of the 27 post-Brexit European Union (EU) countries, and has been in some European countries for more than a century. Prior to the Brexit vote, in excess of 60% of Citi’s EU workforce was already located outside of the UK.
London remains the centre of Citi’s UK business, as well as its headquarters for the Europe, Middle East and Africa region, and an important global hub.
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
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KEYWORD: UNITED KINGDOM EUROPE GERMANY IRELAND
INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE
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PUB: 03/19/2019 08:46 AM/DISC: 03/19/2019 08:46 AM