Citi has been appointed custodian of the Nationwide Building Society's assets held in Euroclear and DTC. These assets, worth over £10bn, were migrated to Citi on June 7 2013. Nationwide Building Society is the world’s largest building society and has around 15 million members.
Citi is providing custody services through its Securities and Fund Services London global window. Citi's combination of custody and existing cash management services provided to the Nationwide Building Society will help both reduce costs and streamline operations for Nationwide and will enhance the deep connection which already exists between the two institutions.
"We are delighted that Nationwide, the world’s largest building society, has decided to entrust its Euroclear and DTC assets to Citi. This represents an endorsement of our product range and allows Nationwide to focus on its core business and adds value for their members," said Sanjiv Sahwney, EMEA head of Securities and Funds Services.
Citi's global custody services provide a one-stop service for transaction settlement, safekeeping, administration, and reporting of global investments through a single access point and a consistent product offering.
"We already use Citi for cash management processing, issuing and paying services which are critical functions required by the Treasury Division in the management of Nationwide’s assets and liabilities. We are therefore delighted that we have been able to extend our relationship with Citi's CTS division to also include global custody of a significant proportion of the Group’s Securities holdings. The streamlining of service provision will improve Treasury Operations efficiency and demonstrates our commitment to ensuring that we source services from the best providers," said Paul Gould, Head of Operations and Strategic Development, Nationwide Treasury Division.