Citi offers services to entities within EEA in light of Brexit
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Citi offers services to entities within EEA in light of Brexit 19 March 2019Frankfurt Reporter: Maddie Saghir
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Citi is now offering its product and service suite from entities fully within the European Economic Area (EEA) due to its commitment to provide services to clients regardless of the Brexit outcome.
For EEA clients and counterparties unable to conduct business through Citi鈥檚 UK entities post-Brexit, Citi鈥檚 products and services are now additionally available through Citibank Europe plc and Citigroup Global Markets Europe AG.
Meanwhile, Citi鈥檚 new investment firm in Frankfurt, Citigroup Global Markets Europe AG, has begun actively trading on the most significant exchanges in the EEA.
Additionally, it has commenced primary capital market issuance activities, and is on-boarding and executing for clients across the bank鈥檚 entire Markets and Securities Services product spectrum. It has also begun clearing trades via Eurex Clearing.
According to Citi, the new EEA capabilities complement Citi鈥檚 long-established, comprehensive offering throughout Europe.
In addition, Citi has on-the-ground presences in 20 of the 27 post-Brexit EU countries and has been in some European countries for more than a century.
Prior to the Brexit vote, in excess of 60 percent of Citi鈥檚 EU workforce was already located outside of the UK.
London remains the centre of Citi鈥檚 UK business, as well as its headquarters for the Europe, Middle East and Africa region, and an important global hub, Citi revealed.
David Livingstone, Citi鈥檚 CEO for Europe, Middle East and Africa, said: 鈥淪ince well before the Brexit vote in 2016, all our businesses have been focussed on making sure we can continue to serve our clients in the UK and EEA, irrespective of the political outcome.鈥�
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