Nordea and The Bank of New York - a global leader in securities servicing - have entered into a strategic agreement to provide global custody and selected related services to Nordea's institutional clients in the Nordic and Baltic Sea region.
This agreement means that Nordea, supported by The Bank of New York's global capabilities, will be the premier provider of securities services in these markets.
The scope of the agreement is approximately EUR 240 billion of assets, which represent about half of Nordea's EUR 500 billion assets under custody. Nordea will be the clients' everyday contact in all matters of the relationship, including being the contractual counterpart of the client. The Bank of New York will provide the technology and servicing infrastructure, to enhance Nordea's position as the leading securities service provider in the Nordic Region. Nordea is currently improving its sub custody product to facilitate further growth and improved services.
"By combining Nordea's local presence and market expertise with The Bank of New York's global leadership and product capabilities, the agreement will deliver industry leading services to Nordea's institutional clients through a local network", states Birger Gezelius, Head of Nordea's Financial Institutions Division.
Tim Keaney, executive vice president and head of Europe, The Bank of New York, continues: "We are very pleased to be entering in into a strategic agreement with an institution of the stature of Nordea. The Nordic market is an important and growing market for us as we develop our European business and build on our strong heritage in global securities servicing. Working together we will create a powerful new force in the region, providing an integrated global and local solution to clients.