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Citi picked for European Stability Mechanism back office services

19 February 2013  |  1189 views  |  0 Source: Citi

Citi has been selected by the European Stability Mechanism to provide back office services for the investment mandate from EU reaching up to EUR 80bn assets.

Citi's solution brings together its global scale in products and geography with deep understanding of underlying markets and culture of innovation.

"One of ESM's most important requirements was time to market with an optimal operating model. A number of Citi divisions collaborated to develop and launch this mandate," said Dirk Jones, Global Head of Securities Funds Services Client Sales Management. "Citi was able to quickly design and implement a solution with the breadth and depth necessary to meet all of the ESM's needs under very demanding deadlines."

The European Stability Mechanism is a permanent crisis resolution mechanism for the countries of the euro area. Its mandate is to finance loans and other forms of financial assistance to euro area Member States. An intergovernmental organization, its shareholders are the 17 euro area Member States. ESM has a total subscribed capital of €700 billion, including paid-in capital of €80 billion, and an effective lending capacity of €500 billion.

"Citi is proud to support ESM as a key institution that aims to enable ongoing financial stability in Europe", said P. Freddy Boom, Head of the Public Sector Group, Europe Middle East & Africa.

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