Staff
Citi Securities and Fund Services has reached an agreement to purchase ING’s custody and securities services business in seven central and eastern European markets representing €110 billion in assets under custody.
Financial terms of the deal were not disclosed.
The transaction includes ING’s local custody and securities services businesses in Bulgaria, the Czech Republic, Hungary, Romania, Russia, Slovakia and Ukraine. ING will keep its custody services in Poland.
The transaction, which is subject to regulatory approvals, is expected to close in the first quarter of 2014.