AGL 38.69 Increased By ▲ 0.47 (1.23%)
AIRLINK 129.02 Increased By ▲ 0.05 (0.04%)
BOP 8.73 Increased By ▲ 0.88 (11.21%)
CNERGY 4.73 Increased By ▲ 0.07 (1.5%)
DCL 8.65 Increased By ▲ 0.33 (3.97%)
DFML 38.61 Decreased By ▼ -0.33 (-0.85%)
DGKC 84.99 Increased By ▲ 3.05 (3.72%)
FCCL 35.00 Increased By ▲ 1.58 (4.73%)
FFBL 75.99 Increased By ▲ 0.28 (0.37%)
FFL 12.83 Increased By ▲ 0.01 (0.08%)
HUBC 110.65 Increased By ▲ 0.29 (0.26%)
HUMNL 14.40 Increased By ▲ 0.39 (2.78%)
KEL 5.47 Increased By ▲ 0.32 (6.21%)
KOSM 7.75 Increased By ▲ 0.08 (1.04%)
MLCF 41.26 Increased By ▲ 1.46 (3.67%)
NBP 71.50 Decreased By ▼ -0.82 (-1.13%)
OGDC 191.80 Increased By ▲ 3.51 (1.86%)
PAEL 26.30 Increased By ▲ 0.67 (2.61%)
PIBTL 7.48 Increased By ▲ 0.11 (1.49%)
PPL 156.95 Increased By ▲ 4.28 (2.8%)
PRL 26.00 Increased By ▲ 0.61 (2.4%)
PTC 18.85 Increased By ▲ 1.15 (6.5%)
SEARL 83.05 Increased By ▲ 0.63 (0.76%)
TELE 7.82 Increased By ▲ 0.23 (3.03%)
TOMCL 33.00 Increased By ▲ 0.43 (1.32%)
TPLP 8.40 Decreased By ▼ -0.02 (-0.24%)
TREET 16.72 Decreased By ▼ -0.06 (-0.36%)
TRG 56.40 Increased By ▲ 0.36 (0.64%)
UNITY 28.95 Increased By ▲ 0.17 (0.59%)
WTL 1.35 No Change ▼ 0.00 (0%)
BR100 10,781 Increased By 122.5 (1.15%)
BR30 31,929 Increased By 597.9 (1.91%)
KSE100 100,248 Increased By 979.2 (0.99%)
KSE30 31,268 Increased By 235.7 (0.76%)

US bank Citigroup announced Friday it was acquiring the eastern Europe custody services business of its Dutch rival ING. The acquisition covers assets worth 110 billion euros ($143 billion) in seven countries: Bulgaria, Hungary, the Czech Republic, Romania, Russia, Slovakia and the Ukraine, according to statements from both banks.
The transaction, for an amount not made public, is to be finalised in the first quarter of 2014, Citigroup said. Citigroup already held $13.5 trillion in assets under custody, making it one of the world's largest providers of custody services. ING has sold a number of its operations in the past two years, as it works to pay back a 10 billion euro ($13 billion) bailout it got in 2008 during the global financial crisis. The bank had already separated its insurance and banking operations and sold its Latin-American businesses in 2011 as well as ING Direct USA in February of this year. ING is also preparing an IPO for its US.

Copyright Agence France-Presse, 2013

Comments

Comments are closed.