Citi European Economic Area investment firm commences trading
Citi Bank has started offering its products and services from a new entity within the European Economic Area (EEA).
The group will offer its services in the EEA through Citigroup Global Markets Europe, as well as Citibank Europe, which is the result of the 2016 consolidation of Citi’s bank branches in 22 countries in the EEA.
David Livingstone, Citi’s CEO for Europe, Middle East and Africa, said: “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.”
“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 and Citigroup Global Markets Europe,” he added.
Citigroup Global Markets Europe is Citi’s new investment firm in Frankfurt.
Already it 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.
Meanwhile, based in Dublin, Citibank Europe 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.
However, the group said London remains the centre of its UK business, as well as its headquarters for the Europe, Middle East and Africa region, and an important global hub.